Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Buy Before January 10, 2014
Pink House Team
On January 10, 2014 numerous new lending laws will go into effect. Some of them stem from the Frank-Dodd Act and some came from the Consumer Financial Protection Bureau and some of them are a combination of both.
I am not an expert on this nor am I sure I have any idea what I am talking about. Oh, wait. Neither does anyone else. What I might have to say here on the subject will definitely conflict with what others say and some of it will align with other articles. The only thing that we can all agree on is that after January 10, 2014 there will be a big mess in the mortgage business which will detrimentally affect the real estate industry. Just what we need, now that we are finally on the road to economic recovery.
Apparently the left hand wanted everyone to be in the category of a QRM (Qualified Residential Mortgage) and the right hand wanted everyone to be a QM (Qualified Mortgage). They seem to have collided and ended up with a combination but kept the QM acronym. It was shorter I guess.
What is a QM? It seems ... more
Are you on The Rain? Grow Your Network!