Login

Compliance Alliance

Menu

About Us
Find a Tool Overview
- Find a Tool Overview
- Toolkits
Our Services
Laws & Regulations
News & Events

Home

Compliance Training

Quiz

Quiz for ATR-QM Updates 2022

Training Webinars ATR-QM Updates ATR-QM Updates 2022

Time limit: 0

Quiz Summary

0 of 10 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 10 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

1
2
3
4
5
6
7
8
9
10

Current
Review
Answered
Correct
Incorrect

Question 1 of 10

1. Question
1. For purposes of the revised rule, what is the APOR based on?
- A. An average of various APORs developed by the CFPB
- B. A survey-based estimate of APRs offered on prime mortgage loans
- C. An estimate from the FFIEC based on certain subprime loans
Question 2 of 10

2. Question
2. Which is not a type of presumption of compliance in the ATR/QM rules?
- A. Rebuttable presumption of compliance
- B. Refutable presumption of compliance
- C. Conclusive presumption of compliance
Question 3 of 10

3. Question
3. Which is not one of the restrictions for a loan to be eligible for the Seasoned QM?
- A. The loan is a first lien
- B. The loan has a fixed rate
- C. The loan term cannot exceed 15 years
Question 4 of 10

4. Question
4. What is the seasoning period for a Seasoned QM?
- A. The 36-month period that begins on the date the first periodic payment is due
- B. The 24-month period that begins at consummation of the loan
- C. The 60-month period that begins at the first periodic payment as set out in the legal agreement
Question 5 of 10

5. Question
5. Are we required by law to use any of the new QM provisions?
- A. Yes
- B. No
- C. In general no, except for the Seasonal QM provisions
Question 6 of 10

6. Question
6. For applications received before October 1, 2022, banks:
- A. May comply with the General QM revisions
- B. Must comply with the General QM revisions
- C. May not comply with the General QM revisions
Question 7 of 10

7. Question
7. What is the new DTI ratio for General QM loans?
- A. While other provisions changed, the DTI ratio remains at 43%
- B. There is no more required DTI ratio
- C. The DTI ratio has now decreased to 34%
Question 8 of 10

8. Question
8. Appendix Q:
- A. Is being removed from Regulation Z under the Final Rules
- B. Is being replaced with Appendix W with more flexible requirements
- C. Is remaining in Regulation Z but is no longer required to be used for General QMs
Question 9 of 10

9. Question
9. How many new categories of QMs were added recently?
- A. Only the Seasoned QM.
- B. Both the Seasoned QM and the Patch QM.
- C. Amendments were made to the existing QMs, but no new categories were added.
Question 10 of 10

10. Question
10. Can a loan meet both the requirements of a Seasoned QM and those of another QM?
- A. Yes
- B. No
- C. Yes, but only those of the Patch QM

About Us
Find a Tool Overview
- Find a Tool Overview
- Toolkits
Our Services
Laws & Regulations
News & Events

Compliance Alliance

The all-inclusive federal banking compliance advisory service owned by 34 State Bankers Associations – staffed with attorneys, former auditors and compliance specialists; all with community banking experience and the know-how to keep your team’s knowledge fresh in the ever-changing regulatory landscape.

© 2024 Compliance Alliance

Privacy Policy
Terms of Use

Site Map

Contact Us

Phone: (888) 353-3933

[email protected]

Follow Us

facebook
twitter
linkedin