Tag Archives: A little breathing room for buyers

Starting this year, there will be two new rules in effect for “qualified mortgages” or QMs, one that affects the amount that lenders can charge and one that affects the amount the buyer can borrow. The change mandates that lenders cannot charge fees of more than 3 percent of the loan amount. This limit such mortgage charges as underwriting fees and origination fees, but excludes title and attorney fees. This has most of the mortgage industry in an uproar because it limits what a mortgage company or bank can charge a consumer. Personally, I believe that this is a good …