Associations Weigh In on New Mortgage Market Standards
"NAHB commends U.S. financial regulators for aligning the definitions of a qualified residential mortgage (QRM) and the qualified mortgage (QM), the standard lenders must follow to demonstrate they have determined a borrower's ability to repay a mortgage loan," said Kevin Kelly, NAHB's chairman and a home builder and developer from Wilmington, Del.
"Since 2011, NAHB has worked independently and with a coalition of housing advocates to urge regulators to establish a QRM rule that removes down payment requirements and other onerous underwriting criteria to alleviate confusion in the marketplace and keep homeownership affordable for working American families.