loans: Consumer Financial Protection Bureau "Qualified Mortgage" rule Sucks - 02/13/13 11:20 PM
NAHREP SA (National Association of Hispanic Real Estate Professionals)  announced at yesterday's luncheon the Consumer Financial Protection Bureau (CFPB) is proposing a "Qualified Mortgage" rule making it even more challenging for banks to lend.

I found this statement online to support the announcement: "The new QM ability to repay underwriting standards requires full documentation of loans that lenders must preserve for three years in case they are sued by the borrowers. Points and fees on a QM loan cannot exceed 3% of the loan amount under the DFA. And the debt-to-income ratio cannot exceed 43% if the lender wants … (29 comments)

loans: Seller Proposed Terms - What Does it Mean? - 10/31/12 02:55 AM

When a Realtor seeks out homes we should know what kind of loan product our clients will need and perform due diligence. Some sloppy Realtors either don't know about the condition of their homes, which is a ignoring fiduciary responsibility or just dishonest. Some might say that Realtors are just marketing widely or the buyer will pay for the repairs, but that's a cop-out IMHO.
Why? Because a buyer has no business paying for or being financially accountable for repairs.  If the deal dies, who's left with the bill and who gets a repaired home and profiting by it? Not … (11 comments)