ShareOn March 4, 2013, NAR, along with 50 other members of the Coalition For Sensible Housing Policy, 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 Coalition believes that the QM definition provides strong underwriting, documentation and product standards that demonstrably lower the risk of defaults consistent with the statutory requirements for the QRM. The Coalition wrote that the QRM definition should not be more restrictive than QM, and strongly opposes the addition of stringent down payment and other restrictive requirements.
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