Home >> Author Archives: Hugh Moore

Author Archives: Hugh Moore

HUD Releases Proposed QM Definition

HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.

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FHFA Launches Campaign for HARP Awareness

refinance

The Federal Housing Finance Agency (FHFA) announced the launch of a new nationwide campaign intended to encourage eligible borrowers to contact their lenders about the Home Affordable Refinance Program (HARP). "With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today's low interest rates by refinancing through HARP," said FHFA Acting Director Edward DeMarco.

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