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New “QM” (Qualifed Mortgage) Rules Coming In 2014

Published on November 6th, 2013 by Max Kallos // Mortgage Rates Appraisals Property Taxes, Real Estate Market GA

Come January 10th 2014 there will be many new rules in place. The rule buzzing around the industry right now is “QM”-(Qualified Mortgage). The new rules were written by the Consumer Financial Protection Bureau to provide additional protection to home buyers from risky mortgages. Many of these risky loans are already extinct…IE negative amortization, no doc loans, pre-payment penalties, interest only ARM’s, etc.

The new rules are intended to create stricter measurements of your “ability to repay” the mortgage. Banks will continue to
look at items like income, assets, employment history, debt to income, credit history, etc however they will be sharpening
their pencils when evaluating these items.QM New 2014 Qualified Mortgage Rules Are Coming

Right now we don’t have concrete answers to what changes are coming. Banks will continue to have legal teams analyze the law(s) and act accordingly. The assumption is that many banks will toughen lending practices. Recall that Fannie/Freddie release guidelines as to what they will buy/sell in secondary markets however the banks can run “overlays” on top of these guidelines. A good example of this is the 10 property rule. Fannie allows someone to own up to 10 properties. However most banks will not accommodate this. Most banks will only allow 4 total properties. The banks don’t want the risk even though Fannie is saying they will allow the loan to go through.

As we get more information and the rules and fallout become more clear we will pass information along. Right now the general consensus is plan on having more paperwork and tougher underwriting when purchasing or refinancing a home in 2014.

Max A Kallos
404-277-5884 phone
678-298-8947 fax
mkallos@mylhm.com

Recognized in ‘Atlanta’ Magazine as a Five Star Mortgage Professional
Endorsed by Emmy winning consumer advocate Dale Cardwell!

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The Weiner Group, which is Brad Weiner, Deborah Weiner and their daughter Brittany Weiner form one of the highest producing Real Estate teams in North Atlanta GA. They are pleased to announce that they have received the 2013 & 2014 RE/MAX Individual Award for the Georgia Region. Brad Weiner ranked #2 in the region for RE/MAX.

Brad states “It is a pleasure to be associated with RE/MAX. None of this could have been possible without the support of my wife, Deborah Weiner and daughter Brittany Weiner, who continues to play an integral role in my success as a transaction agent”. Staying in touch and listening to the needs of both sellers and buyers, is our goal as professional agents.

The Weiner’s momentum has continued into 2013, with over 75 transactions totaling 17 Million dollars already closed for the year. Deborah Weiner states “We just did a refresh of our innovative website and we have been working on that for the first half of the year. The website, www.NorthAtlantaHomeTeam.com, just re-launched and we are excited to see how our clients like the new look and feel. We believe it’s more intuitive, user friendly and are confident it will lead to a more interactive experience for our customers”.

The Weiner’s take great pride and pleasure in working with each of their clients. Their natural success is based on a very high level of personal service to each of their customers. If you wish to check out “The Weiner Group's” buyer website, head on over to our Real Estate BLOG at www.IntownAtlantaHomeTeam.com or give them a call if you would like to discuss the buying process or selling of your home. We look forward to hearing from you!

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