Advanced Search

Volume 7 - Number 10

May 9, 2014

VA Issues Interim Rule Identifying QM

The Department of Veterans Affairs has issued an interim final rule establishing that almost all VA loans that meet current agency underwriting standards will be “safe harbor” qualified mortgages. Certain VA streamlined refinancing will be “rebuttable presumption” QMs instead. Specifically, under the VA rule, safe harbor QMs include all purchase-money mortgage loans and refinances other than certain Interest Rate Reduction Refinance Loans (IRRRLs) guaranteed by the VA. Such a designation would help assure veterans they can still obtain mortgage loans on favorable terms while easing lenders’ fear of liability if they originate VA loans as well as investors’ concern about putting their money in VA loans, the agency said. In addition, the interim final rule confers QM safe harbor status to all VA direct loans, Native American direct loans and vendee loans. The VA QM rule complies with ...

Subscribers to Inside FHA/VA Lending have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly resource helps mortgage executives grow and manage their FHA business.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.
2 to 3 years. GSE reform is complicated.
Sadly it won’t happen in a Clinton or Trump first term.
Not in my lifetime.

vote to see results
Housing Pulse