The Consumer Financial Protection Bureau (CFPB) has enacted a rule which applies to both mortgage lenders and borrowers. Called the “Qualified Mortgage Rule,” it limits both the amount of debt a consumer may carry and the amount of points a lender may charge. Among other things, it also prohibits interest-only and negative amortized loans, and requires lenders to verify all loan application information. In some ways however, this new rule has made it more difficult for home buyers to qualify for a loan. It has been reported that the U.S. home ownership rate is now at a 19 year low due to tight credit and rising home prices. The recent housing market rebound is leaving behind many first-time home buyers, many who are laden with student loans and incomes which are lower than previous generations. It has long been difficult to qualify for home mortgages in small or rural communities. This is because some properties may not be considered residential enough, or may be considered a mixed-use property, or may have problems with appraisal comps.

Pending Legislation:
H.R.1210 - Portfolio Lending and Mortgage Access Act
Senate Version of H.R. 1259 - Helping Expand Lending Practices in Rural Communities (HELP) Act (passed House 4/13/15)

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Poll Opening Date
May 21, 2020
Poll Closing Date
May 27, 2020

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