Skip to main content

New Brooks Systems Product to Assist With QM Standards

NationalMortgageProfessional.com
May 22, 2014

Mystic, Conn.-based Brooks Systems has announced that it is now offering electronic testing to help lenders meet Qualified Mortgage (QM) standards set forth by the Consumer Financial Protection Bureau (CFPB). “Our goal is to make compliance easy and pain-free for lenders,” said Taylor Heal, director of sales and marketing at Brooks Systems. "By offering high-cost loan analysis with QM testing, we help lenders obtain confidence that their loans comply with new requirements and qualify for sale to the GSEs.” Brooks Systems’ Web-based application, BrooksWebCalcs embedded with HCLA (High Cost Loan Analysis), ensures that loans are 100 percent compliant with all federal, state, and local lending regulations. The product saves lenders time and money by reducing errors and increasing cost controls. It tests and verifies the following: ►Debt-to-Income Ratio is less than 43 percent ►The loan is within tolerance by conducting an APOR check against the APR ►Points and fees do not exceed specified limits for the loan amount – its legal team has carefully reviewed CFPB specifications to ensure the points and fees analysis it provides is completely accurate and reliable ►Loans meet all Fannie Mae and Freddie Mac requirements ►Regulations regarding Higher Priced Mortgage Loans (HPML) are met ►Requirements regarding amortization, interest-only, and balloon loans are met
The New URLA – What’s the Big Deal?

Lenders will need to update their technology stack to comply with the redesigned URLA.

Regulation and Compliance
Jun 14, 2021
Texas State Legislators Looks To Protect Reverse Mortgage Borrowers

A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.

Reverse
Jun 02, 2021
Could Prudential Standards for Nonbank Mortgage Servicers be Eased?

From The Desk Of The “Om-Bobs-Man”

Regulation and Compliance
May 31, 2021
Get Ready to Duck and Cover

After years of hands-off attitude by regulators, a new wave of mortgage enforcement is building. Expect a tsunami.

Regulation and Compliance
May 13, 2021