Compensation Discussions Around the Country; QRM, MERS updates

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Posted To: Pipeline Press

There's a saying, "We are born naked, wet, and hungry. And then things get worse." But perhaps, just perhaps, smaller mortgage brokers and bankers won't see things get worse with the Qualified Residential Mortgage ("QRM") plans . Dodd-Frank requires lenders to retain 5% of the credit risk of any mortgages closed outside of the guidelines - but what are the guidelines? Will it be based on agency - effectively killing the jumbo/non-agency market? What if the agency guidelines go away? Will it be based on LTV, cutting into FHA or the MI company business share? Anyway, the issue has been somewhat quiet, but recently the Senate Banking Committee heard from FDIC Chairman Sheila Bair, and she told members that regulators will soon release its QRM that will determine how much risk loan originators...(read more)

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Source: www.mortgagenewsdaily.com

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