Thought I would post this since so many rumors are floating about - TopicsExpress

Thought I would post this since so many rumors are floating about how hard mortgages will be for next year, note... the Exception – If the DTI is above 43% but the loan meets underwriting standards and is eligible for purchase, guarantee, or insurance by Fannie Mae, Freddie Mac, FHA, VA, or RHA, it is still a QM. = It will still be ok. New loan rules take effect in January Loans with application dates on or after January 10, 2014, will need to follow two new CFPB regulations: Ability to Repay (ATR) and Qualified Mortgage (QM) Rules.... The ATR Rule requires lenders to verify that a borrower has the “ability to repay” his or her loan. If the lender does not determine and verify that the borrower has the “ability to repay” his loan, the borrower can sue the lender for damages and attorney’s fees. To give lenders some certainty, the rule provides that if loans can meet certain requirements, there is a presumption that the borrower has the “ability to repay.” This type of loan is called a Qualified Mortgage (QM). What is a Qualified Mortgage? A Qualified Mortgage must meet these standards: No “risky” loans. Examples of “risky” loans are: • no doc loans • interest only loans • negative amortization • amortizations exceeding 30 years • Points and fees cannot exceed 3 percent of the loan amount • There are different thresholds for loans under $100,000. • Depending on the terms of the loan, 2 discount points Can be excluded from the calculation. Underwriting Requirements: Income, employment, debt obligations, credit history, etc. must all be evaluated and VERIFIED. All loans must have a maximum back end DTI of 43 percent. GSE/Government Exception – If the DTI is above 43% but the loan meets underwriting standards and is eligible for purchase, guarantee, or insurance by Fannie Mae, Freddie Mac, FHA, VA, or RHA, it is still a QM. Are some loans now fitting the Qualified Mortgages? Yes! An analysis of loans originated by Guaranteed Rate (8th largest lender in USA) from Jan. 2012 to Sept. 2013 revealed that the vast majority (99%) would be considered Qualified Mortgages.

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