FHA Reportedly Planning Rival QM Rule

13402_house_rainbow FHA Reportedly Planning Rival QM Rule It appears that one new qualified mortgage (QM) rule is not enough – another QM rule is reportedly in the works.

Bloomberg News reports that the Federal Housing Administration (FHA) plans to create its own version of the QM rule. Under the Dodd-Frank Act, the agency is able to set up its own QM standards. It is uncertain whether the new rule will mirror or deviate from the QM rule announced by the Consumer Financial Protection Bureau in January.

‘We're undertaking that process and will publish a proposed rule for comment in the near future,’ says Brian Sullivan, an FHA spokesperson.


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