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 proposed rule to define qualified residential mortgages (QRM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) would unnecessarily restrict access to home ownership. Realtors® at the Real Estate Services Forum – The Impact of Dodd-Frank on Real Estate session today during the Realtors® Midyear Legislative Meetings & Trade Expo gained...
2011 NAR President Ron Phipps discusses new legislation in Congress aimed at putting a deadline on lenders responding to short sales.
High down payment requirements being proposed by federal regulatory agencies as part of the upcoming rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act will unnecessarily burden homebuyers and significantly impede the economic and housing recovery.