Make sure you know what 'CFPB' and 'QRM' mean to you.

Make sure you know what 'CFPB' and 'QRM' mean to you. 
Many people are wondering what will be the biggest impact on the real estate market now that the President has been re-elected. We believe strongly that increased regulation will be our biggest challenge. This regulation won't necessarily be to real estate professionals but instead to the banking industry.

During the past four years, two very important concepts have risen: the consumer must have better protections when it comes to financial decisions and the government should take less risk when it comes to mortgage loans. These concerns have already created a government agency named theConsumer Finance Protection Bureau (CFPB) which is changing the mortgage disclosure guidelines. Next in line will be new standards for what defines aQualified Residential Mortgage (QRM).

Both the CFPB and QRM will have a major impact on the residential real estate market in 2013.