Qualified Mortgage (QM) is a law about ensuring lenders only make loans to borrowers who have the ability to repay the loan.
The House of Representatives passed H.R. 685, “The Mortgage Choice Act” by a vote of 286-140.
On March 30, 2015, NAR submitted comments to the CFPB on proposed changes to mortgage rules that were finalized in January of 2013.
On Thursday, March 26, 2015 The House Financial Services Committee passed H.R. 685, “The Mortgage Choice Act” with bipartisan support after an intense effort by NAR and coalition partners.
The New Year brought a slew of regulatory changes that impact the GSEs, FHA, VA, and the market in general.