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.
Read more detail on Recent Business Law Posts –Legal notice about the Here We Go Again – New Lending Rules for 2011 rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.
Do you need High Quality Legal documents or forms related to Here We Go Again – New Lending Rules for 2011?