• qualified mortgages

    What QM Means for Lenders

    Last January, the Consumer Financial Protection Bureau set forth new rules and regulations that impact both borrowers and lenders. One part of the statute that is of special interest is the definition

  • ability to repay rule

    Ability to Repay Rule – The Good and The Bad

    New mortgage rules went into effect earlier this year, aiming to simplify the approach to mortgage lending. At the same time, this “back to basics” alignment was done with additional goals of redu

  • jumbo loan

    What Is A Jumbo Loan

    If the house of your dreams doesn’t fit in with standard sizes or costs, you might need to consider a jumbo loan. This term is defined as a loan that goes beyond the conforming loan limits establish

  • Conforming Loan Limits 2014

    Fannie Mae and Freddie Mac Set Conforming Loan Size Limits for 2014

    The government sponsored enterprises of Fannie Mae and Freddie Mac have established the conforming loan limits for 2014. There are no major changes to these levels, which haven’t been altered in the

  • Qualified Mortgage Rule

    Qualified Mortgage (QM) Rule

    New rules will be coming into effect for the Qualified Mortgage stipulations starting in early 2014. Let’s review some of the most important facets of these new rules to get you up to date. Wha

qualified mortgages
March 31, 2014

What QM Means for Lenders

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Last January, the Consumer Financial Protection Bureau set forth new rules and regulations that impact both borrowers and lenders. One part of the statute that is of special interest is the definition of Qualified Mortgages. These would be more difficult for consumers to challenge later on with regard to ability to repay rules. The Basics The new rules place responsibility in the hands of mortgage lenders when it comes to determining that a borrower is indeed able to pay back their lo

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ability to repay rule
March 25, 2014

Ability to Repay Rule – The Good and The Bad

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New mortgage rules went into effect earlier this year, aiming to simplify the approach to mortgage lending. At the same time, this “back to basics” alignment was done with additional goals of reducing the risk of defaults and foreclosures from borrowers. The new rules were developed by the Consumer Financial Protection Bureau, and director Richard Cordray says “No debt traps. No surprises. No runarounds.” The new rules put a lot of pressure and responsibility on mortgage lenders, whic

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jumbo loan
February 3, 2014

What Is A Jumbo Loan

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If the house of your dreams doesn’t fit in with standard sizes or costs, you might need to consider a jumbo loan. This term is defined as a loan that goes beyond the conforming loan limits established by the government-sponsored enterprises Fannie Mae and Freddie Mac. In the majority of locations across the country, the conforming limit is $417,000 for a mortgage, but it is increased up to $625,500 in areas where the costs are higher. Out of the 3,300 counties located in the country, only 100

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