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.
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.