Did Your QM Implementation Feel Like Y2K or a Bomb?
Posted by Krista Sabol on Feb 4, 2014 in IMU Blog, QM/ATR RuleChange management Rules for Mortgage Lenders
In one day I heard the QM regulation compared to Y2K and a nuclear bomb. Company A felt QM implementation was like Y2K because there was a lot of panic in the months leading up to January 10th and then nothing went horribly wrong the next day. This was clearly a testament to how well they prepared and found their process relatively unscathed by the new regulations.On the other hand, Company B, who compared QM to a nuclear bomb going off in the closing department, said they are a victim of loan origination system problems. The strangest part of all, from my vantage point, is the fact that Company A uses an LOS that Company C thought was horrible and Company B is on the LOS that Company D said was working just fine.
By comparing lender’s experiences with implementing the January regulations, we see the core of successful change management in mortgage lending.