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”

QRM Rule Revision Victory for NAR

On Aug 28 regulators proposed easing a measure to require lenders to keep a stake in mortgages that they securitize, an effort designed to discourage the kind of risky loans that contributed to the subprime credit crisis. The 505-page(!)  draft regulation written by six agencies drops a requirement that lenders retain a stake in mortgagesContinue reading “QRM Rule Revision Victory for NAR”

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”

Industry and Consumer Groups Call for Broad Qualified Mortgage

NAR spearheaded a 33-member coalition in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray calling for a broadly defined Qualified Mortgage (QM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Several meetings with CFPB led NAR and others to believe that CFPB is considering a narrow QM more inContinue reading “Industry and Consumer Groups Call for Broad Qualified Mortgage”