MortgageRegulatory

Industry leaders prepare for 2014 underwriting standards

Chief executive officers and senior executives from the biggest names in mortgage lending advised Realtors to expect market growth in 2014 and to prepare their buyers for transactions with heavy documentation requirements, according to a report from the National Association of Realtors.

NAR President Gary Thomas and CEO Dale Stinton led a discussion titled “Straight from the Top: Insights from Lending Leaders” at the 2013 Realtors Conference and Expo.  

The Qualified Mortgage, or ability-to-repay rule, will become effective in January 2014 and contains a number of underwriting standards that will constrict mortgage availability and deny credit to some first-time homebuyers, said Bill Emerson, CEO of Quicken Loans. The QM rule requires significant documentation from consumers to justify lenders’ underwriting decisions; lenders face strict penalties if a loan is made outside of the specific criteria.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please