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""The combined impact of QM and QRM is that only 25 percent of purchase originations would meet the eligibility requirements of the QM rule’s safe harbor,"" according to CoreLogic.
rule and work to align QM requirements. qualified mortgage rule," Calabria said at a CoreLogic/Urban Institute joint housing conference Wednesday. "We want a world where lenders are willing to take.
About 60 percent of loans written today would not be acceptable under the finalized rules for a qualified mortgage (QM) and the anticipated rules for a qualified residential mortgage (QRM), according to new research from CoreLogic. CoreLogic analyzed 2.2 million loans written in 2010 to determine what percentage of them meets QM and QRM guidelines.
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For now, loans with debt-to-income ratios above 43 percent will be considered qualified mortgages so long as they meet underwriting requirements. of today’s sound mortgage products, including fixed.
Only about half of the total mortgage originations today would qualify for QM coverage if there was no GSE exemption. The states most impacted by QM are Nevada and Hawaii. "The combined impact of QM and QRM is that only 25 percent of purchase originations would meet the eligibility requirements of the QM rule’s safe harbor," said the report.
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Examples of a non-QM loan include interest-only or limited/alternative documentation loans. A non-QM loan still needs to satisfy the ATR requirements. The non-QM market is expanding (up by 1 percentage point from 2017 to 2018) and represented about 4 percent of 2018 originations.
CoreLogic earlier this year released a study, saying only half of today’s mortgage originations meet the qualified mortgage. Seventy-one percent of lenders said they have had borrowers apply for a mortgage with such income over the last year, however, only 3 percent. makes it difficult to meet investor requirements.
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