Press Release: Statement on Approval of Final QRM and QM Regulations
For Immediate Release
October 21, 2014
Media Contacts
Robert Schwartz 202-207-3665 (rschwartz@prismpublicaffairs.com)
Michael Timberlake 202-207-3637 (mtimberlake@prismpublicaffairs.com)
USMI Statement on Approval of Final QRM and QM Regulations
“U.S. Mortgage Insurers (USMI) welcomes the approval by U.S. financial regulators today of final rules to align the definition of a Qualified Residential Mortgage (QRM) to the Qualified Mortgage (QM) standards, stemming from the Dodd-Frank financial reform legislation. Aligning QRM with QM encourages responsible loan underwriting while also providing homebuyers with access to affordable mortgage financing with traditional, proven underwriting features. This combination will help ensure a sustainable mortgage market that balances credit access and credit discipline, without greatly increasing compliance costs.
“USMI is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership.”
###
U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.
