mr. bill emerson is the chief executive officer of quicken loans incorporated and he's speaking on behalf of the mortgage bankers association. welcome. >> thank you, chairwoman capito, chairman meeks. while most people rang in the new year two weeks ago for those of us in the mortgage industry the new year began last friday. that's when a host of dodd-frank rules finally came online. none are more consequential with the power to completely reshape the mortgage industry than the ability to repay rule and its qualified mortgage standards. as the ceo of quicken loans, the nation's largest online and mortgage lender it's been my responsibility to charter our company's course into the new regulatory regime. the mortgage bankers association i'm honored to serve as the vice chair has devoted enormous resources over the past year helping companies like ours come into compliance. a common question we received and one i want to answer at the outset is whether we plan to write non-qm loans. i can tell you categorically that quicken loans like the overwhelming majority of lenders will not lebd outsid

we don't want to be caught up in a bill that was not aimed at this kind of housing ministry to begin with. >> great. thank you for that. mr. hartings, mr. emerson and mr. weickenand, it sounds like amendments are continuing to improve qm and you all are happy with it. my question is timing. with new clarifications as late as last fall, does that timing put you -- do you feel like you need an extension to ensure that you get it right or do you think that that would just put you at a disadvantage? >> we're a small shop. i've got 68 full-time equivalent employees and seven offices we have to manage. we have all hands on deck today from our mortgage lenders, our commercial lenders trying to figure out everything we need to do with the new mortgage regulations. more time would be very helpful. we also have to see how software vendors -- they may put in fixes but we need to make sure we know how that integrates. multisoftwa software vendors ha integrate with one another. it's difficult trying to do anything else other than trying to comply with qm and regulations that go with it. >> do you think that holds true for all community bankers? >> yes, i be