Volume 2014 - Number 2
January 16, 2014
Private MIs Scramble to Offer QM-Friendly Products, Tools to Help Lenders Comply With New Requirements
Private mortgage insurers have launched a number of initiatives to help lenders comply with the qualified-mortgage rule that took effect Jan. 10. The rule issued by the Consumer Financial Protection Bureau puts new emphasis on capping debt-to-income ratios at 43 percent except for agency mortgages and limiting points and fees to 3 percent. Radian has announced 45-minute webinars discussing how QM impacts mortgage insurance as well as new, lower pricing for borrower-paid MI. The firms Loan Amount Estimator enables lenders that are capping their debt-to-income ratios at 43 percent to calculate maximum loan amounts and sale prices based on the MI product selected. In addition, the tool can be used for non-MI loans and is available through the MIs rate finder application, Radian Rates. United Guarantys QMI product allows...
Subscribers to Inside Mortgage Finance 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.
A weekly "must read" for industry executives. Thoroughly covers regulatory, political, legislative and market issues in the residential mortgage business.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744