• The Hallmark Abstract Sentinel
The best intentions of Washington can often result in negative, albeit unintended, consequences.
A perfect case in point is the QRM provision in Dodd-Frank!
The proposed Dodd-Frank Wall Street Reform and Consumer Protection Act includes a provision that goes by the acronym QRM, or Qualified Residential Mortgage.
I recently attended a meeting of the Empire State Mortgage Bankers Association (ESMBA) at which this piece of legislation was debated for quite some time.
The major focus of the attendees centered on the proposed requirements that lenders who sell their loans rather than portfolio their loans, set aside an amount equal to 5% of the loan as risk retention.
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