Items Tagged with 'QM 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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  • CFPB moves to kill QM patch

    Plans to level playing field by ending special treatment for GSEs
    The CFPB revealed late Thursday that it plans to allow for the planned expiration of the QM patch in January 2021, noting that it may impose a brief extension “to facilitate a smooth and orderly transition.” Regardless, the QM patch appears to be nearing its end days. The bureau is seeking input on how to make this transition, and a number of industry players are already weighing in, stressing an urgent need to redefine a Qualified Mortgage. Click the headline to read more.
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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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