Few in the industry believe Quicken will actually bolt the FHA program, noting that similar saber-rattling was done by JPMorgan Chairman and CEO Jamie Dimon last year...
It’s likely that provisions to automatically designate residential loans held in portfolio as qualified mortgages will be included in a legislative package...
Quicken made news earlier in the year when it heavily promoted to loan brokers a 60-hour LPMI “sale” committing coverage for $100 million in originations.