New qm rules 20215/6/2023 ![]() Ĭan consider seasonal or bonus income, rental income, commissions, interest payments, dividends, retirement benefits, trust income, public assistance payments, alimony, child support, and other sources of income. Income - current or reasonably expected income or assets. Required ATR Standard Guidelines - Must considerġ. Required on HPML 1.) Escrow 2.) 2 appraisals for flips (lender must pay) General Qualified Mortgage - With HPML Kicker (below) - 30 years It was a quick fix and the rate trigger crossed over some other regulations which add a layer of complexity, most notably the HPML Rules.Ĭan't read the spreadsheet - link here Qualified Mortgage Guidelines Ĭurrent APOR see FFIEC (Based on Loan Type) ![]() If it's less than 2.25% over the Average Prime Offered Rate (APOR), it qualifies for presumption of rebuttable status. Instead of a 43% DTI measurement, along with a myriad of guidelines for what could be used, they chose an agnostic indicator for QM status: the rate. The deregulators conceived of a much simpler test for a qualified mortgage. The vast majority of QMs were made by virtue of an automatic waiver of QM rules for loans guaranteed by the government like Fannie and Freddie, but also FHA, VA, USDA. One of the most significant effects of the Trump Administration's housing policy efforts was shepherding the GSEs (Fannie Mae and Freddie Mac) out of the business of providing government guarantees. At the core of the Qualified Mortgage (QM) rules is the issue of the borrower's ability to repay.
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