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Qualified Residential Mortgage (QRM)

Banks and Credit Unions Facing Heightened Risk Management Burdens

Bank Exterior/Credit: John Foxx

U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago, according to the results of the latest Regulatory & Risk Management Indicator for the U.S. banking industry issued by Wolters Kluwer Financial Services.Click to continue

CoreLogic Unveils White Paper on QRMs

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CoreLogic released QRM and Risk Retention Standards: Foundation for a Sound Housing Market, the second white paper in a series intended to address the implications of new and revised federal regulations. In this edition, the re-proposed Credit Risk Retention (CRR) rule and Qualified Residential Mortgage (QRM) alternatives are outlined and analyzed, helping to bring greater clarity to the requirements.Click to continue

NAMB Encouraged by CFPB's New Consumer Disclosure Measure

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In Richard Bettencourt’s most recent video, the Government Affairs Committee chair for NAMB–The Association of Mortgage Professionals discussed the Consumer Financial Protection Bureau (CFPB)’s recent release of the “Know Before You Owe” mortgage document simplification.Click to continue

Entrepreneurism in the Mortgage Business

Dodd Senate Banking Committee

Entrepreneurism is a hallmark of American business and industry, a cornerstone of the American way. So too is homeownership, but is entrepreneurism in housing finance on the precipice of its death or on the verge of a renaissance? Before you call hospice for housing finance entrepreneurism, consider the juxtaposition of public policy and regulatory actions with private enterprise’s response. Despite the apparent market and regulatory adversity, there is a renaissance of housing finance Entrepreneurism among us.Click to continue

Leadership and the Current State of Mortgage Banking

Future and Beyond

Everyone likes talking about the future. A Google search of the phrase "The Future of," depending on who you are and where you're searching from, will yield approximately four billion results. People write about the future of children, food, TV, books, government, ideas, and, of course, the mortgage banking industry. We sure do love to talk about the future.Click to continue

Federal Regulators Issue Revised QRM Proposal

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On Aug. 28, 2013, the Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Federal Housing Finance Agency (FHFA), and U.S. Department of Housing & Urban Development (HUD) issued a revised qualified residential mortgage (QRM) proposal. The proposal, which revises a proposal originally published in 2011, implements Section 941 of the Dodd-Frank Act.Click to continue

Does the Bell Toll for Independent Mortgage Brokers?

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To paraphrase John Donne's famous line, "Don't ask whether you will be affected by the ongoing changes in the mortgage market—you will be." The recovering but still nascent U.S. economy, the assault upon former industry practices and the uncertainty of the government's future role in residential housing will severely challenge the capability of large wholesale correspondent lenders to adapt to the new market conditions.Click to continue

NAR Praises Alignment of QM and QRM

Congress Pic/Credit: Comstock

Revised rules proposed by federal regulators will help ensure rigorous and effective underwriting while also providing creditworthy homebuyers with access to safe mortgage financing, according to the National Association of Realtors (NAR).Click to continue

MBA Files Comment Letter on Risk Retention

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The Mortgage Bankers Association (MBA) has sent a letter to six regulators responding to the re-proposed Risk Retention rule. In particular, MBA expressed strong support for aligning the Qualified Residential Mortgage (QRM) definition with Qualified Mortgage (QM) and also thanked the regulators for eliminating the Premium Capture Cash Reserve Account (PCCRA).Click to continue

New Government Proposal Seeks to Further Streamline QRM

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Six federal agencies have issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions. The new proposal revises a proposed rule the agencies issued in 2011 to implement the risk retention requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.Click to continue