ATR Rules means the “ ability to repay” rules specified in the federal Truth-in- Lending Act as amended pursuant to rulemaking authority provided under the federal Xxxx- Xxxxx Act which require lenders to make a reasonable, good- faith determination that a Mortgagor has an ability to repay the loan as determined by the following eight (8) underwriting factors: (i) current or reasonably expected income or assets (other than the value of the property that secures the loan) that the Mortgagor will rely on to repay the loan, (ii) current employment status (if the originator relies on employment income when assessing the Mortgagor’s ability to repay), ( iii) monthly mortgage payment for the loan, ( iv) monthly payment on any simultaneous loans secured by the same property, (v) monthly payments for property taxes and required insurance, and certain other costs related to the property such as homeowners association fees or ground rent, (vi) debts, alimony, and child- support obligations, (vii) monthly debt-to- income ratio or residual income, calculated using the total of all of the mortgage and nonmortgage obligations listed above, as a ratio of gross monthly income and (viii) credit history.Įnforcement of CME ATR Rules 23 DefinitionsASSET CLASSAsset category underlying a derivative and includes interest rate, foreign exchange, credit, equity and commodity.AUSTRALIAN REGULATOREach of Australian Securities and Investments Commission (“ASIC”), Australian Prudential Regulation Authority (“APRA”) and Royal Bank of Australian (“RBA”)BOARD OF DIRECTORSThe Board of Directors of Chicago Mercantile Exchange Inc.
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