MBA urges FHA to adopt QM safe harbor

MBA urges FHA to adopt QM safe harbor Ability-to-Repay and Qualified Mortgage Rule. The federal housing administration (FHA) and the U.S. Department of veterans affairs (va) have each issued their own QM rules..

CoreLogic: 10.4 million mortgages still in negative equity From Q1 2017** to Q2 2017, the total number of mortgaged residential properties with negative equity decreased 10 percent to 2.8 million homes, or 5.4 percent of all mortgaged properties. Year over year, negative equity decreased 21.9 percent from 3.6 million homes, or 7.1 percent of all mortgaged properties, from Q2 2016 to Q2 2017.

Excerpt from Executive Summary – For almost a year, the Financial regulatory reform initiative’s Consumer Protection Task Force has conducted an in-depth review and analysis of the Consumer Financial.

MBA urges FHA to adopt QM safe harbor few politicians are circulating a draft of a letter on the Hill which urges the CFPB to "craft a safe harbor [in the Ability to Repay/QM rule] that strikes the right balance between protecting consumers from poorly underwritten mortgages while ensuring they have access to safe and affordable mortgage products." The

If HUD seeks to move forward with implementation at the start of the new year, MBA believes all FHA-insured loans should be treated as QM safe harbor mortgages early on.

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Ability-to-Repay and Qualified Mortgage Rule. The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) have each issued their own QM rules.. The rule provides a safe harbor for QMs that are not higher- priced. Loans that are higher- priced : rule?

SWMC POLICY: All loans submitted for purchase to Sun West with application date or FHA case assignment date (for FHA loans) on or after January 10, 2014 must be QM compliant. orrespondent lients must submit an executed copy "TotalQM Validation Form" with every closing package certifying that the loan meets ATR/QM rules.

Because of significant potential liability and litigation expenses for ATR violation, many lenders have limited themselves to only safe harbor QM loans. As a result, some borrowers that qualify QM loans are having trouble obtaining access to safe, sustainable, and affordable loans. MBA Position: