Borrower Tax Implications for Qualified Mortgages Under the New CFPB
Income Verification Rules
Tuesday, July 15, 2014
2:00 - 3:30 pm CST
Speaker: Tim Harrington, TEAM Resources
About the Program
Under the CFPB, verifying self-employed borrowers’ income has
taken a new direction!
The new qualified mortgage rules issued by the CFPB are in effect.
With them, verifying self-employed borrowers’ income from tax
returns has taken a new direction. Much of the “common
sense” approach of the old rules has been set aside and new
“standardized” verification rules have taken their place. To
keep your mortgage “qualified” and ensure your credit union
is protected under the QM rules, it is very important that you know and
comply with these new income verification rules.
Using borrowers’ tax returns, this webinar will show which
incomes can and can’t be used. This simple and interesting
approach will help you understand the QM selfemployed income
verification rules. You will also receive a useful, interactive
worksheet to calculate annual and monthly income from the self-employed
borrowers’ tax returns.