Qualified Mortgage – QM
You may have heard some of the buzz in the news about a qualifed mortgage rule rolling out in the begining of January. I want to try and dispell some of the rumors because the media as always makes this sound like a big deal. The fact is Lenders are already doing this and its business as usual. QM requires lenderst to do things like verify income & assest. Bascially QM is 10 year late and is being put into place to help prevent some of the loans that were being done back in the mid 2000’s. Check out this short video about QM. Also here is a link for Uncle Sam’s FAQ on the topic. QM FAQ
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S.O.S. SAVE OUR SALE
S.O.S. SAVE OUR SALE: WHAT TO DO WHEN YOUR LENDER STALLS WEEKS BEFORE CLOSING!
Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.