New Qualified Mortgage (QM) Rule Released
Regulators issued new mortgage rules last month. Highlighted below are some of the issues contained in the 804-page QM rule that were of particular concern to NAR. The rule is scheduled to be effective January 10, 2014.
NAR has been actively involved in shaping the debate and structure of the Qualified Mortgage (QM) Rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/Freddie Mac, the Federal Housing Authority, Veterans Administration and Rural Housing Service (within their respective loan limits) for up to seven years.
Summary of New Qualified Mortgage (QM) Rule Ten Questions on the New Mortgage Rules (from the Wall Street Journal) NAR Statement on the Qualified Mortgage Rule
Last Updated: March 5, 2013
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