QM and the New World of 2014 (fees, requirements, banks, FNMA)

[MikeJaquish]

With QM 58 days away and lenders starting to train for it, I'm trying to pick through some of the stuff I hear.

So, ANY change to a HUD1 means a mandatory 3 day delay in closing?
Including any adjustment or concession after a final walk through?
I was told to plan final walks at least 3 days before settlement and closing, which is counterintuitive to "final."

[SmartMoney]

Originally Posted by MikeJaquish

With QM 58 days away and lenders starting to train for it, I'm trying to pick through some of the stuff I hear.

So, ANY change to a HUD1 means a mandatory 3 day delay in closing?
Including any adjustment or concession after a final walk through?
I was told to plan final walks at least 3 days before settlement and closing, which is counterintuitive to "final."

That is not my understanding. We are only exercising the 3 day wait on changes to buyer's APR or increases in fees we (the lender) must disclose to the buyer. That said, I will be the first to admit there's much to this legislation I do not know. I do know I am very concerned how these changes will be received.

I never thought it would be harder than before cell phones and faxes. I would give anything for my biggest problem being I had to drive to the next town to pick up a contract.

[Pfhtex]

I think it will limit companies that do not sell directly to FNMA and non-portfolio lenders.

http://files.consumerfinance.gov/f/2...tr-qm-rule.pdf

[MikeJaquish]

Some of the big banks will have policies that go above and beyond the requirements, to err on the side of safety, I believe.

A possible nightmare for the wholesale and correspondent folks.

[Pfhtex]

There is a lot of business between 43% and 52% dti. And I'm gonna get all of it! I kid. I hope I'm well-positioned.

[thelopez2]

So far all of the webinars that I've been through , they've run out of time in the QA sections. I have another seminar this Friday, time to get renewed.