Key Takeaways
- TRID combines TILA and RESPA disclosures into Loan Estimate and Closing Disclosure with strict timing requirements.
- ECOA prohibits lending discrimination; HMDA requires public reporting of application and origination data.
- Dodd-Frank ATR rule requires verified ability to repay; QM provides a safe harbor for compliant loans.
- Non-QM loans (common for investment properties) are permitted but lack the QM safe harbor protection.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?