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#1884881 - 01/09/14 09:56 PM ATR/QM and Mortgage-Backed Vehicle Loans
Matt_B Offline
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So, just got an email from consumer lending posing a question I'd not considered.

Would any of the new rules apply to a mortgage-backed vehicle loan? ATR/QM specifies consumer purpose, secured by a dwelling, and doesn't exclude anything specifically that would lead me to think it didn't apply...

In a quick search, I didn't see anything posted about this. Hopefully I didn't miss it.

Thoughts??
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#1884885 - 01/09/14 10:01 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
dblack Offline
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I believe it would apply.

That's a consumer purpose and it's secured by a dwelling. .
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#1884886 - 01/09/14 10:01 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
Skittles Offline
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Do you mean that someone is buying a car and wants to take a mortgage on their primary residence for tax purposes?
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#1884915 - 01/09/14 10:53 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
Kathleen O. Blanchard Offline

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There is no abundance of caution exemption for these auto loans. Might be the final nail in this product that was popular at one time.
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#1885057 - 01/10/14 03:00 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Skittles
Matt_B Offline
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Originally Posted By: Skittles
Do you mean that someone is buying a car and wants to take a mortgage on their primary residence for tax purposes?


Yes.

I didn't think about it before, since it's not a product we really do often...but yeah, I'm pretty sure this is the end of offering that!
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#1885071 - 01/10/14 03:10 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
Skittles Offline
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Probably so, Matt.
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#1885690 - 01/11/14 10:26 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
rlcarey Online
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Considering these all have been subject to full blown RESPA and TIL disclosures, they have been dead at most banks for a long time.
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#1886663 - 01/14/14 09:34 PM Re: ATR/QM and Mortgage-Backed Vehicle Loans Matt_B
Matt_B Offline
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Yes, but that's assuming the lending department ever bothered to do it as such...which they didn't.

Product's dead now, thankfully!
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