Compliance with the Qualified Mortgage (QM) rule begins on January 10, 2014.  Starting January 10, 2014, lenders must assess a borrower's ability to repay  for virtually any closed-end residential mortgage loans.  The Consumer Financial Protection Bureau (CFBP) created a basic guide that explains the new responsibilities of the QM rule in very clear and straight forward language.  While it is not a substitute for the actual rule, it covers the main elements that need to be known about the QM requirements. Please review the CFBP Basic Guide for Lenders - What is a Qualified Mortgage document. We encourage you to share this basic guide regarding the QM rule with your company's management, supervision staff, loan originators, processors, underwriters, and customers. 

The CFPB has also developed additional, plain English compliance guides, videos and Q&A which can be found at http://www.consumerfinance.gov/regulatory-implementation/.