Earlier Tuesday, existing home sales volume fell, disappointing economists who were expecting a better result.
That drop may have had something to do with upcoming Qualified Mortgage and Ability-to-Repay rules affecting mortgage underwriting already, one analyst claims. Per Business Insider:
... NAR and LaVorgna pointed to the impact of the upcoming Qualified Residential Mortgage rules that "will require a lot more time, documentation and scrutiny to process loans," according to NAR.Sponsor Content
"Lenders may be hesitating in order to ensure compliance with the new measures which take effect in January of next year," said LaVorgna. "In general, lending standards for anything other than prime mortgages remain relatively restrictive."