Qualified Residential Mortgage Rule (QRM) Released: Reflects NAR Recommendations.
The long-awaited qualified residential mortgage rule (QRM) has been released and it provides broad standards for determining what constitutes a safe and affordable loan, as NAR requested. It also includes no down payment requirement, which NAR also supports. As a result, the credit environment for borrowers could improve, since lenders now have clarity on these long-awaited federal rules.