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mortgage_papers_easeBig news is circulating the housing sector as six regulatory agencies recently proposed an eased version of the Qualified Residential Mortgage proposal. This new proposal provides more Americans with access to affordable credit while encouraging a reliable, safe financial system. The regulation aligns with the qualified mortgage rule (QM), which—finalized earlier this year—set standards for safe lending.

The proposal drops an earlier made stipulation that lenders keep a stake in mortgages with down payments of less than 20 percent. This effort will make it easier for creditworthy Americans to secure mortgages, as well as discourage risky loans that have contributed to the credit crisis.

“This version of the QRM rule will give creditworthy buyers access to safe and affordable loan products without overly burdensome downpayment requirements,” said REALTOR® President Gary Thomas in a recent statement.

“The new standards, which align with those applied to Qualified Mortgages, are stringent enough to protect consumers from unscrupulous lending practices while also creating new opportunities for private capital to reestablish itself as part of a robust and competitive mortgage market,” Thomas continued.

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