After more than a year of preparation for many companies in the mortgage industry, we are now just days away from the Consumer Financial Protection Bureau’s deadline for compliance with the new Qualified Mortgage rule. As I’m sure every reader of this blog knows, all loans started after January 10, must be sorted into one of the three new buckets.
Back when I started in this business, we used Excel spreadsheets for much of the analytical work required to keep our business on track. Some executives out there now are probably still trying to put all the calculations into a handy worksheet. Some of you younger readers are laughing, but it can be very hard to let go of the safeguards that have protected us over the years. That’s part of the reason that we still use so much paper in a process that is, for the most part, already electronic.