Here We Go Again – New Lending Rules for 2011

Even though the new rules are not yet in place, lenders have already begun pushing lawmakers for less than a 10% down payment by borrowers on mortgages. Under Dodd-Frank, federal regulators are charged with setting a qualified residential mortgage, or QRM, standard. For any loans made outside the QRM standard, Lenders would have to retain 5% of the risk. Regulators are currently suggesting a 20% down payment to meet the QRM standard. This, of course, means that in order for a borrower to obtain a conforming loan the borrower would have to pay 20% down or the lender would retain the risk. Even though some banks are fighting the 20% requirement, many analysts still expect a 20% down payment to be written into the QRM guidelines.

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