Items Tagged with 'qualified mortgage rule'

ARTICLES

  • Wells Fargo, Bank of America, Quicken Loans, others want DTI requirement eliminated from QM lending rules

    Coalition of massive lenders, trade groups call on CFPB to change QM rules
    Four of the largest mortgage lenders in the country are leading a coalition that is calling on the Consumer Financial Protection Bureau to make to changes to the Ability to Repay/Qualified Mortgage rule. Specifically, the group, which includes Bank of America, Quicken Loans, Wells Fargo, and Caliber Home Loans, wants the CFPB to do away with the QM rule’s debt-to-income ratio requirement.
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  • Bipartisan push begins in Senate to expand mortgage access for self-employed borrowers

    Self-Employed Mortgage Access Act introduced
    Ever since the Qualified Mortgage rule went into effect a few years ago, borrowers who don’t have a traditional source of income have had a hard time getting a mortgage. Well, a bipartisan push is underway in the Senate that could change that. Late Tuesday, Sens. Mark Warner, D-Virginia, and Mike Rounds, R-South Dakota, announced they are introducing legislation designed to make it easier for self-employed borrowers to get a mortgage.
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  • CFPB preps to review major mortgage rules

    Falls under Dodd-Frank requirement
    January 2018 marks five years since the Consumer Financial Protection Bureau finalized the qualified mortgage rule. The five-year anniversary means more than a landmark date of a major regulation though, as it also means the bureau is required to reassess its major mortgage rules. Will the CFPB use this process to change the mortgage market again?
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  • What's next now that Republicans control the Presidency and Congress?

    Are Dodd-Frank and the CFPB on the chopping block?
    While much of the country’s attention is focused on the seemingly unexpected election of Donald Trump, it shouldn’t be lost that the Republican Party also maintained its control of the House of Representatives and the Senate in this election. Now one party will control the legislative and executive branches of the government for at least the next two years. So what does that mean for the financial services industry, given the seismic changes the industry has seen in the last eight years?
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  • 4 ways the Qualified Mortgage rule doesn’t reduce mortgage lending

    Urban Institute: Rule appears small to nonexistent
    When the Qualified Mortgage rule came out in January 2014, many worried that the rule would contribute to a reduction in mortgage credit availability. But that's not the case. In an updated analysis, Urban Institute housing and mortgage experts say that the rule does little to impact the availability of mortgage credit.
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  • House votes to revamp Qualified Mortgage rules

    Presidential veto is looming
    The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape. But will the President play along?
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  • Democrats push new bill allowing community banks to exceed QM rule

    Bill has broad support among Democratic committee members
    The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections. Most notable among the bill’s provisions is a stipulation that would allow smaller banks to exceed the QM rules while still qualifying for QM Safe Harbor.
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  • Urban Institute: Qualified Mortgage impact overblown

    New rules have only slightly slowed mortgage lending
    According to new analysis from the Housing Finance Policy Center team at the Urban Institute, there has been “surprisingly little impact” on the mortgage origination numbers since QM went into effect in January.
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  • Habitat for Humanity seeks shelter from QM

    Says mortgage rules could block affordable lending pipeline
    The Dodd-Frank mortgage lending rules are not just impacting private sector banks. Housing nonprofits are also seeking shelter from the qualified-mortgage rule storm. One of the agency's firing off warning shots is Habitat for Humanity.
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