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Volume 25 - Number 20

September 29, 2014

Calls Mount in House for QM Fixes, But Little Time Remains for Action

Before members of Congress left the nationís capital for their final push before the November elections, diverse efforts were underway for making changes to aspects of the qualified mortgage definition under the CFPBís ability-to-repay rule, either through legislation or persuasion. Earlier this month, the U.S. House of Representatives passed H.R. 5461, a package of legislation which includes the text of H.R. 3211, the Mortgage Choice Act, which passed the House unanimously in June. The legislation would make it easier for mortgages to fit under the ATR ruleís cap on points and fees by providing equal treatment to title charges, regardless of whether or not a consumer chooses a title company affiliated with the lender. ďThis provision is narrowly focused to ...

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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