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Lenders ready for QM, Cordray claims

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Mortgage Professional America | 13 Sep 2013, 05:26 AM Agree 0
Mortgage lenders are prepared for the January implementation of a new underwriting rule, the director of the Consumer Financial Protection Bureau has told Congress
  • Mike Beerling | | 13 Sep 2013, 09:10 AM Agree 0
    This guy is spinning the story. NO way any investors are ready for this. Ask them, I have them in my office weekly and not one says they are ready. I dont want to call him a liar, but he is definitely confussed.
  • Licensed mortgage pro | | 16 Sep 2013, 07:34 AM Agree 0
    Nearly all mortgages for sale to Fannie/Freddie done since Sept of 2007 (yes 6 years ago) would be a QM mortgage. Non QM mortgages disappeared back then when the melt down was in full stride. Loans need full documentation for the past 6 years. It is essentially a non event. A way for politicians to make themselves sound good, without actually having any clue what they are doing. You can only do these mortgages if the borrower has the ability to repay in 2014 how is that any different than current practice?
  • Richard Ellis | | 21 Sep 2013, 06:08 AM Agree 0
    Richard Cordray was speaking to a House committee to assure them the concerns their constitutents have are all unfounded. He was saying to Congress "If you get a call from a mortgage professional about the QM rules, they are part of a tiny minority because the majority of the industry is ready. They must be stupid. Pay them no mind."
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