Appraisal, Sales Products; QM Patch and Non-QM News in the Primary and Secondary Markets

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Posted To: Pipeline Press

You should become, if you’re not already, familiar with the term “Advance Notice of Proposed Rulemaking (ANPR).” The Consumer Financial Protection Bureau issued an ANPR toward ending its special treatment for certain mortgages backed by Fannie & Freddie in the agency’s underwriting rules. Recall that any loan approved by DU or LP falls into “QM” regardless of debt to income ratio. The expiration of “The Patch” is something everyone was talking about anyway, but to have regulators address it is a big deal. FHA and non-QM lenders are licking their chops , but this is a great way for the industry to shore up and re-define the “Ability to Repay” (ATR) rules. Lots more on this below, but the CFPB will collect feedback on Thursday’s…(read more)

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