Housing Wire is reporting that Federal officials have confirmed that qualified residential mortgage standards and rules won’t be released/in place in 2012.
QM = qualified mortgages; all mortgages must meet these broad standards.
QRM = qualified residential mortgages; a stricter standard a loan must meet if the lender wants it to be backed by the Federal government
Both standards are up in the air. QRMs will likely have a down payment requirement (at one point 20% was being considered, but that’s pretty much off the table).
The Consumer Financial Protection Bureau, which is leading the effort to develop the standards, has already said that QM rules won’t be in place in 2012. And today other regulators said that QRM rules would be developed after QM.
Ergo, no QRM in 2012.