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WHF/WHFF Partner Series: With New ATR and QM Rules, is it time to develop industry standards for “Consider” and “Verify”?
Wednesday, February 24, 2021, 12:00 PM - 1:00 PM EST
Category: Events

WHF/WHFF Partner Series: With New ATR and QM Rules, is it time to develop industry standards for “Consider” and “Verify”?

The CFPB has finalized its long-awaited amendments to its Ability to Repay Rule.  According to the new rules, the “Patch” is expiring, Appendix Q is going away, and seasoned loans could obtain QM status based on borrower payment history. Our speakers briefly will summarize the new rules and then drill-down on the underwriting and documentation requirements replacing the “Patch” and Appendix Q—the so called “consider and verify” requirements. In a world without Appendix Q, our speakers will explore whether the industry could establish standards—and a process to create and update those standards—for lenders and subsequent holders to consider and verify a consumer’s income, assets and debts. The panel also will discuss the impact of these new rules on non-QM lending and the risk retention rules for non-agency mortgage securitizations. 


Speakers: 
Larry Platt
, Partner, Mayer Brown    
Dallin Merrill, Director, MBS Policy, Structured Finance Association 

Date: February 24, 2021
Time: 12:00 - 1:00 pm ET
Location: Zoom Webinar (information will be emailed in your confirmation email)
Cost: Members: $5.00 suggested donation (no charge registration is available)  
         Non-Members: $10 donation 

 

Register Here



Speaker Bios

Laurence Platt is a partner in Mayer Brown's Washington DC office and a member of the Financial Services Regulatory & Enforcement practice. He concentrates his practice on a range of matters related to real estate finance, mortgage banking and consumer finance in both the primary and secondary markets. His practice includes:

            • Drafting and negotiating agreements concerning: mergers and acquisitions of companies in both asset and stock transactions; loan broker, loan correspondent and whole loan purchase agreements; servicing rights purchase and sale agreements; and servicing and sub-servicing agreements
            • Counseling clients on federal and state consumer credit laws.
            • Defending companies in connection with federal and state governmental audits, investigations and enforcement proceedings.
            • Assisting in litigation involving consumer class action lawsuits and commercial claims.
            • Advising clients on public policy issues related to housing finance issues.

Laurence has been ranked by Chambers USA for Financial Services Regulation: Consumer Finance - Compliance (Star Individuals) (2012 through 2020). Laurence was listed in Best Lawyers in America 2012-2020 for banking and finance law. He has been elected a Fellow of the American College of Consumer Financial Services Lawyers. In 2006, he received an inaugural Mortgage Excellence Award from Home Equity News in recognition of his service and contributions to mortgage lenders and the mortgage lending industry. From 1989 to 1997, he was on the board of directors for Montgomery Housing Partnership, Inc., a nonprofit, tax-exempt owner and developer of affordable housing in Montgomery County, Maryland. He helped found, and for more than 15 years was a pro bono lawyer for, the Unitarian Universalist Affordable Housing Corporation. From 2002 to 2006, Laurence was a board member and counsel to the board of trustees at St. Andrew's Episcopal School in Potomac, Maryland.


Dallin Merrill
works at the nexus of politics, policy, and markets in the ever-changing housing finance market. His work focuses on how government policy—implemented via regulation and legislation—affects the secondary market, including Fannie Mae, Freddie Mac, private-label securities, as well as government-run programs like Ginnie Mae and FHA.

Before the Structured Finance Association, Dallin worked at the Federal Housing Finance Agency, within the Office of Congressional Affairs and Communications division, where he interacted with Capitol Hill and the Administration in their efforts to reform the GSEs while in Conservatorship. He was also previously at the United States Department of Justice in their Office of Legislative Affairs. Since coming over to the Structured Finance Association in late 2016, his portfolio of issues includes helping establish best practices for the PLS market, creating a level playing field that promotes free markets, and advocating for a sustainable, competitive, and thriving private secondary market.