FHA Prepares Own QM Ticket

The American Banker informs MHProNews the Federal Housing Administration (FHA) is issuing its own QM rule because the Consumer Financial Protection Bureau (CFPB)’s may conflict with the FHA’s Single-Family Program. HUD spokesman Brian Sullivan states FHA has the authority under Dodd-Frank to create its own ability-to-repay rule, and will be issuing it soon. Brian Collins of American Banker says, “FHA lenders are already concerned about the CFPB QM rule because of certain changes to FHA mortgage insurance policies that will be going into effect soon. On April 1, 2013 FHA will raise its annual premium by ten basis points. On a standard FHA loan, new borrowers will pay a 135-basis-point annual premium and a 175-basis-point upfront fee.”

(Image credit: andyenstallblog)

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