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Qualified Residential Mortgage and Risk Retention

Qualified Residential Mortgage and Risk Retention

After nearly three years of deliberations, regulators finalized the Qualified Residential Mortgage (QRM) rule in October, 2014. The final rule includes a broad definition of QRM and aligns it with the Qualified Mortgage standard implemented earlier in 2014. Previously proposed QRM rules imposed high down payment requirements.

  • A sustainable housing recovery requires that policymakers move forward with the difficult decisions regarding the future of the mortgage market, Federal Reserve Board Governor Elizabeth Duke told Realtors® at a joint Real Estate Services and Regulatory Issues Forum May 15.

  • 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.

  • To protect distressed homeowners from mortgage relief scams that have sprung up in recent years, the Federal Trade Commission published the Mortgage Assistance Relief Services final rule on Dec. 1, 2010.

  • Since the beginning of the 111th Congress in early 2009, NAR has been working closely with the Members and staffs of the House Financial Services Committee and the Senate Banking Committee to ensure that Wall Street Reform legislation did not adversely affect Realtors.

  • NAR's position on the provision in the Dodd-Frank Act requiring financial institutions to retain 5% of the risk on loans they securitize exempts certain qualified-residential mortgages from the requirement.

  • Section 941 of the Dodd-Frank Act requires financial institutions that securitize mortgages loans to retain at least 5 percent of the credit risk. The act exempts from the risk-retention requirement securities backed exclusively by “qualified residential mortgages,” or QRMs—mortgages with underwriting and product features that historical loan performance data indicate result...

  • In a letter to Shaun Donovan, secretary of Housing and Urban Development; Timothy Geithner, secretary of the Treasury; and Gene Sperling, director of the National Economic Council, NAR offered its recommendations for helping stabilize and revitalize the housing industry and economy.

  • According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

  • The National Association of Realtors® is urging regulators to go back to the drawing board on the proposed Qualified Residential Mortgage rule.

  • 2011 NAR President Ron Phipps talks about once again battling government policies that prevent consumers from getting mortgages.

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