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Easing Of Mortgage Rules Brings Cheers From Both Sides Of The Industry

September 4, 2013  |  by Ellen

Usually the mortgage industry and consumer watchdog groups don’t agree on the rules and regulations within the housing industry, but the latest iteration of changes to lending rules has both sides of the aisle applauding.

Six different government agencies weighed on the new Qualified Residential Mortgage rule that will loosen the restrictions on homebuyers who don’t make a twenty percent downpayment. Now the QRM rule is more in line with the directive set forth by the Consumer Finance Protection Bureau that stipulates borrowers’ debt-to-income ratio must not exceed 43 percent, but there isn’t a requirement for a minimum downpayment. CBS News has a nice summary of the changes and Inman News also picked up the story from an industry point of view.

Please let us know what your thoughts are about this in the comments.

Posted in Blog, Industry News, We Want to Know Wednesday

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2 responses to “Easing Of Mortgage Rules Brings Cheers From Both Sides Of The Industry”

  1. VEM says:

    This is the kind of robust action that needs to occur in the industry in order to keep the housing economy progressing.

  2. Jeff Nunes says:

    I agree with the program and read the attached report from CBS, I think this would be a great advantage to many that need or want to buy a home. I Believe that also lenders should take the time to educate the home buyers of today on how much they should get in a house/ vs how much they can afford to pay each month. I wonder to what extent will the home buyer ( especially a first time home buyer ) will have to go through to prove that they can pay back the loan and if It could hinder the buying process making it take longer to close on a home.

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