Tag Archives: Qualified Mortgage

Nation: Bill to Reform Dodd-Frank Introduced

Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, introduced the “Financial Choice Act” to reduce regulatory burdens and expand credit access to consumers and businesses.  NAR sent a letter to the Committee in support of several provisions in the bill including a revision to the Truth in Lending Act’s (TILA) definition ofContinue reading “Nation: Bill to Reform Dodd-Frank Introduced”

No Grace Period for TRID

Will On June 3 the Consumer Financial Protection Bureau (CFPB) announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015.   This is a welcome developmentContinue reading “No Grace Period for TRID”

QRM Update

The FDIC was the first of six regulators to finalize the QRM (Qualified Residential Mortgage) Rule. The QRM rule provides a set of requirements a loan must meet to be considered a safe loan and eligible to be sold to investors as part of a mortgage-backed security without the lender having to retain five percentContinue reading “QRM Update”

Impact of the QM Rule

The qualified mortgage (QM) rule was implemented in January of 2014. It is the first of two rules that came from the Dodd–Frank Wall Street Reform and Consumer Protection Act that will impact the housing market. This law is intended to protect consumers by strengthening underwriting standards, but some have argued that the rules willContinue reading “Impact of the QM Rule”

NAR Comments on Qualified Mortgage Provision

On June 3, 2013, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on further proposed revisions to the Ability-to-Repay or Qualified Mortgage (QM) rule. These changes provide more flexibility for lenders to qualify borrowers under the QM safe harbor standard which provides certain protections from liability in connection with the ability to repayContinue reading “NAR Comments on Qualified Mortgage Provision”

NAR, Coalition Continue to Push on QRM Definition

NAR, along with 50 other members of the Coalition For Sensible Housing Policy, recently submitted a letter to federal regulators asking that the standards used in the recently released Qualified Mortgage rule (QM) be used to define the Qualified Residential Mortgage (QRM). The similarity in these terms makes them easy to confuse, so a shortContinue reading “NAR, Coalition Continue to Push on QRM Definition”

Feds Release Qualified Mortgage Rule

NAR has been actively involved in shaping the debate and structure of the Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/FreddieContinue reading “Feds Release Qualified Mortgage Rule”