2nd NAR Survey Sheds New Light on How Mortgage Originators Are Adapting To New Mortgage Rules
By Jason Boone
If you follow the mortgage market you know that it’s seen a whole lot of changes during the last year including higher FHA fees and new underwriting rules that have redefined what it really means to be qualified or have the ability to repay a mortgage for home buyers.
The National Association of Realtors (NAR) just recently completed their second survey of mortgage originators across the United States to see what impact the new Ability to Repay and Qualified Mortgage Rules have had on their businesses.
More Lenders Adapting To Changes
Thanks to the NAR survey we know that close to 75% of lenders that they surveyed have adapted to the new Ability to Repay and Qualified Mortgage rules and this has exceed the expectations of many economists who thought it would take longer for lenders to adapt to those changes.
Challenges with Closing Loans
The NAR Survey also shows us that since the beginning of January 2014 at least half of the lenders they surveyed did experience at least some problems with closing loans due to the new QM/ATR rules.
In spite of the challenges lenders are still moving forward with approving and at least 25% of the lenders surveyed also confirmed they will not be phasing out buffers on QM safe harbor.
Changes in FHA Insurance Premiums Affecting Buyers?
One interesting statistic from the recent NAR survey is that at least 6% of potential home purchases have been undermined since recent changes in FHA requirements for mortgage insurance have made it more difficult for buyers to qualify for FHA loans.
The good news is that consumers who didn’t get an FHA loan qualified for a RHS or VA loan instead.
Planning On Buying or Selling a Home in Bend? Contact Me
To view homes for sale in Bend Oregon or to get started with selling your home contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at Jason@sgbend.com.