QM/ATR Reporting Clause Samples
The QM/ATR Reporting clause requires parties to provide documentation or reports demonstrating compliance with Qualified Mortgage (QM) and Ability-to-Repay (ATR) regulations. Typically, this involves submitting evidence such as loan files, underwriting records, or certifications that loans meet the necessary legal standards. By mandating this reporting, the clause ensures transparency and regulatory compliance, helping to mitigate the risk of legal or financial penalties for non-compliance.
QM/ATR Reporting. Seller shall deliver to Buyer, with reasonable promptness upon Buyer’s request, copies of all documentation in connection with the underwriting and origination of any Purchased Mortgage Loan that evidences compliance with the Ability to Repay Rule and the QM Rule.
QM/ATR Reporting. (i) Seller shall deliver to Purchaser, with reasonable promptness upon Purchaser’s request: (A) copies of any reports related to the Participation Certificates and the Related Mortgage Loans, (B) copies of all documentation in connection with the underwriting and origination of any Related Mortgage Loan that evidences compliance with the Ability to Repay Rule and the QM Rule, as applicable, and (C) any other information in Seller’s possession related to the Participation Certificates and the Related Mortgage Loans.
(ii) On each Purchase Date hereunder, Seller shall provide to Purchaser a schedule identifying each Related Mortgage Loan as either a Safe Harbor Qualified Mortgage or a Rebuttable Presumption Qualified Mortgage, as applicable.
QM/ATR Reporting. Seller shall deliver to Administrative Agent, with reasonable promptness upon Administrative Agent’s request, copies of all documentation in connection with the underwriting and origination of any Purchased Mortgage Loan that evidences compliance with the Ability to Repay Rule and the QM Rule.