Our friends at Agent Genius have written an excellent article on the changes afoot in the residential mortgage market and the potential effects on the business. For those new to this subject, QRM stands for ‘Qualified Residential Mortgage’ – a controversial concept created on The Hill to require a 20% down payment on all future home mortgage loans. NAR is actively engaged in this situation and the “jury is still out”, but we think it’s valuable for MRIS customers to be well educated on the topic and to make sure your voice is heard. The article appears here. Another well written article appeared in Slate several months ago which sounded the alarm for the industry. Interestingly, Sen. Johnny Isakson (R-GA) is a former real estate broker and he’s deeply engaged in this process. Stay tuned for more; we just wanted to keep you posted on this issue.
What are your thoughts about how this can effect the Baltimore/DC metro area markets? We would be very interested in your feedback on this important topic!