NAR has been working with federal regulators since Congress in 2010 passed massive banking reform legislation, part of which created the qualified mortgage and qualified residential mortgage rules. NAR has told regulators it will be watching to see what impact the rules have on mortgage availability.
These new mortgage lending rules that will protect Eastern Connecticut consumers from risky loan products took effect on January 10, and REALTORS® will be on the front lines as homebuyers access safer mortgages that meet strong underwriting standards, said Consumer Financial Protection Bureau Director Richard Cordray at an event held on January 7 by the National Association of REALTORS®. Watch a short video of the event by clicking on the image below.
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