The Qualified Mortgage and Ability to Repay Rule is Here. Are You Covered?


On January 10, 2014, comprehensive verification of income and employment by mortgage lenders shifts from being a strong suggestion to becoming a regulatory requirement from the CFPB. Though these new compliance standards are creating uncertainty and anxiety within the mortgage industry, the underlying intention has the best interests of lenders and buyers at heart by ensuring consumers have the realistic ability to repay debts and also mitigating fraud.

With over 230 million employment records from more than 3,000 employers, our significant experience in efficiently delivering compliant, actionable data to lenders has taught us that accuracy, consistency and availability are keys to acheiving a positive experience for both lender and borrower. This is accomplished through superior data stewardship, technology innovation, repeatable process efficiencies and regulatory expertise.

To assist mortgage lenders in navigating QM/ATR and other regulatory developments, our expert Verifications Services team has created a number of insightful resources including:

If you have additional questions related to QM/ATR or other regulatory compliance requirements impacting the mortgage industry, contact the Verifications Services team at Equifax and stay tuned to our Mortgage Insights blog feed for commentary from our experts on all the latest industry developments.