If you’re ready to shop for White Plains NY homes for sale, but haven’t yet secured financing, you’ll be glad to know the National Association of Realtors (NAR) is in your corner. NAR officials recently urged Congress to develop a broadly-defined Qualified Mortgage (QM) regulation. Regulations that are too stringent could stifle deserving Americans’ ability to get a loan, according to NAR.
The government-controlled Qualified Mortgage regulation is intended to ensure loans are only extended to people who can really repay them; however, NAR has taken the position that, “If the QM regulation is too narrowly defined it could threaten the burgeoning housing and economic recovery by denying creditworthy borrowers access to safe, quality loan products.”
Shopping for attainable home loans is just as important as touring White Plains NY homes for sale. Prudential Centennial Realty is committed to helping you achieve home ownership by providing the best information possible so you can make informed decisions.
Scott Louser is NAR’S 2012 Vice President and Liaison to Government Affairs. He testified July 11 before the U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit. “Realtors are the leading advocate for housing issues and believe that one of the greatest issues affecting the housing market is uncertainty in the rules that govern housing finance,” he said. “The first step to creating certainty in the housing finance system is to broadly define QM so that it encompasses the vast majority of the safe, high quality lending being done today.”
Louser testified that current underwriting standards are too tight and are contributing to the slow housing market recovery. In some cases potential lenders are holding back and over-scrutinizing borrowers to avoid risk of fees and penalties imposed by the government for bad lending decisions.
Prudential Centennial Realty licensed real estate professionals have our clients’ lending interests at heart. If you’re ready to shop for White Plains NY homes for sale, we’re ready to help. We keep our fingers on the pulse of America’s real estate market so you can focus on finding your dream home.
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