Posted by Bear900/CA on 8/14/13 10:18am
Msg #480440
What is a Qualified Mortgage (QM)? Will it affect notaries?
“Until January 2013, Raj Date (pronounced dah-tee) served as the first-ever Deputy Director of the CFPB. He spent more than two years helping to build the startup agency, guiding its major strategic, operational, and policy initiatives.”
Raj Date helped write the QM rule (Qualified Mortgage, non-subprime) then left the CFPB to start up what is basically a Subprime company – Fenway Summer. Huh??
The company is “aimed specifically at “those borrowers who do not meet the standards for ‘qualified mortgages’ (QM) as set by the CFPB under rules” written by Raj Date.
http://www.dsnews.com/articles/former-cfpb-members-return-to-industry-raise-questions-of-agency-integrity-2013-08-02
What exactly is a Qualified Mortgage?
“A qualified mortgage is a home loan that meets certain standards set forth by the federal government. Lenders that generate such loans will be presumed to have also met the Ability-to-Repay rule mandated by the Dodd-Frank Act, “and initially implemented by the CFPB’s former director Raj Date.
http://www.qualifiedmortgage.org/definition/
Raj Date will get rich. For everyone else loans will get tougher with more scrutiny and be more expensive to the borrower. QM and The Ability to Repay rule go into effect January 1, 2014.
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