So I’m listening to a California Association of Realtors Webinar about the “new” QM (Quality Mortgage). This is part of the Dodd-Frank Guidelines that Congress is requiring. They’ve gotten everyone up in arms for the last 6 months about this and guess what??? The only effect I can see it having is on BAD lenders who, in the past, didn’t qualify or underwrite homebuyer loans the right way.
You may ask… Why would anyone loan money to someone who couldn’t repay the loan? Well, because back in the early 2000’s the government TOLD THEM TO! Now they are saying to roll it back to how it was before that!
Since we have always worked with reputable Direct Lenders the clients we work with will not see any impact.
Below is the “New” Lenders Criteria… DUH!
Added Note: Rates ARE going to go Up.
