Financial regulators on Tuesday finally released the final rule defining qualified Residential Mortgages (QRM). The definition is intended to determine which loans are exempt from the risk.
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As the mortgage industry girds for life under the Dodd-Frank Act, two legislated products are capturing bankers’ attention.. The one getting the most eyeballs is the qualified residential mortgage (qrm), which challenges a lender to meet certain underwriting standards or, failing that, to retain 5% of the credit risk should the loan in question be securitized and sold to an entity other than.
The federal deposit insurance corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.
The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk. Mortgage with the existing Qualified Mortgage.
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The final rule aligns the QRM definition with that of a Qualified Mortgage as defined earlier by the Consumer Financial Protection Bureau (CFPB). The final rule also does not require any risk retention for securitizations of commercial mortgages, automobile loans or commercial loans if they meet specific standards for high quality.
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The Consumer Financial Protection Bureau has expressed its intent to announce its final decision on what constitutes a qualified mortgage this year. This, in turn, will give the industry some insight into what can be expected to define a qualified residential mortgage (QRM), according to Fitch Ratings.