MBA urges FHA to adopt QM safe harbor

 · If the CFPB does not give community bank portfolio loans automatic QM safe harbor legal status, then ICBA urges it to eliminate the use of the “rural” and “underserved” designations for QM eligibility for community bank balloon mortgage loans held in portfolio.

 · Legislative Proposals for a More efficient federal regulatory Regime. December 13, 2017; Since the dodd-frank wall street reform and Consumer Protection Act (Dodd-Frank), mortgage lenders and other financial institutions have faced increased precautionary regulation.Almost a decade after the Financial Crisis, and many of these regulations remain intact without any adjustment or.

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A temporary (after January 2014) exception will be granted for loans that are eligible to be sold or insured by Freddie Mac, Fannie Mae, FHA or the VA. Legal Protections: Safe Harbor & Rebuttable Presumption. Lenders that generate QM-compliant mortgage loans will receive some degree of legal protection against borrower lawsuits.

Specifically, the MBA proposes to increase the QM safe harbor threshold from 150 bps to 200 bps over Average Prime Offer Rate (APOR), a benchmark rate. An updated "small loan" definition. That the ATR rule be amended to update the basis of a small loan to $200,000 from $101,953, where points and fees may exceed 3%.

Record low rates spur mortgage application filings Survey: 70% of lenders believe housing recovery is real MBA urges FHA to adopt QM safe harbor The bipartisan letter emphasizes the Senators’ concerns that the QM definition, if drafted too narrowly, could severely restrict access to mortgage credit, and urges the CFPB to define the QM broadly with a true legal safe harbor.Consumer confidence hits six-month low Sachem capital corp. generates interest and fee revenue by making hard.

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