Comments Off on Statement From NAR President Gary Thomas
on Qualified Residential Mortgage Rule
Not exact matches
When the expanded credit
qualifying products reemerge into the
residential mortgage market, lenders will price their loans
on assessment of risk.
This policy would require a 10 percent or other minimum down payment
on home loans before the federal government will label them «safe» as «
qualified residential mortgages.»
Any «consumer protection» discussion should center
on whether the public would benefit from a regulation that
residential first
mortgage loans must not allow for negative amortization — or, perhaps, that the borrower must be
qualified on the required fully - amortizing payment for the remaining term.
Per government sources, the Office of the Comptroller of the Currency and the FDIC have agreed
on a 20 percent down payment for a so - called «
Qualified Residential Mortgage».
Job Summary: Responsible for originating conventional and government
residential mortgage loans to customers who
qualify based
on assessment of financial and credit data.
The fact that the
residential mortgage industry received its announcement on the new Qualified Mortgage (QM) rule — which also focuses on risk retention — earlier this month is a sign that regulators will soon be releasing new rules for the commercial
mortgage industry received its announcement
on the new
Qualified Mortgage (QM) rule — which also focuses on risk retention — earlier this month is a sign that regulators will soon be releasing new rules for the commercial
Mortgage (QM) rule — which also focuses
on risk retention — earlier this month is a sign that regulators will soon be releasing new rules for the commercial sector.
The new agency would focus
on the securitization of «
qualified residential mortgage» loans, but those loans wouldn't be determined based
on the amount of the down payment the borrower puts up, as banking regulators have proposed and which NAR opposes.
On April 29, 2011, six federal regulators (the Fed, OCC, FDIC, SEC, HUD, and FHFA) jointly published the proposed
Qualified Residential Mortgage (QRM) rule in the federal register.
After nearly three years of deliberation, regulators have finalized the
Qualified Residential Mortgage (QRM) rule and abandoned the onerous and costly down payment requirement while giving creators of mortgage - backed securities one less uncertainty on their road to r
Mortgage (QRM) rule and abandoned the onerous and costly down payment requirement while giving creators of
mortgage - backed securities one less uncertainty on their road to r
mortgage - backed securities one less uncertainty
on their road to recovery.
The two rules which are being finalized the year, the
Qualified Mortgage rule (QM) and the
Qualified Residential Mortgage rule (QM), reduce risk for lenders but place new burdens
on borrowers.
Federal banking regulators have re-proposed the
qualified residential mortgage (QRM) rule, which requires lenders to hold back 5 percent of the loan amount
on securitized home
mortgage loans unless they originate the loans based
on «safe» guidelines, which are...
Last week NAR's president Moe Veissi urged Fed Chairman Ben Bernanke to weigh in
on three key rule proposals — the
Qualified Mortgage (QM), the
Qualified Residential Mortgage (QRM), and the Basel III capital standards — that Veissi said are both putting a chill
on lending and have the potential tighten credit further.
Obama also echoed real estate industry concerns over the
qualified mortgage (QM) and
qualified residential mortgage (QRM) rules, which federal banking regulators have been working
on since passage of the big Wall Street reform law that was enacted two years ago.
NAR called
on regulators to revise the unnecessarily high down payment requirements of the
Qualified Residential Mortgage (QRM) exemption from risk retention requirements under the Dodd - Frank Act.
In a small but notable victory for consumers and REALTORS ®, federal banking regulators pushed back to Aug. 1 from June 10 the deadline for public comment
on their controversial rule to define a safe,
qualified residential mortgage as one with at least 20 percent down, among other strict underwriting criteria.
NAR is urging regulators to go back to the drawing board
on the proposed
Qualified Residential Mortgage rule.