Lenders must maintain policies and procedures that detail the underwriting factors they used and retain documentation showing how they took those factors into account in the ability-to-repay determination.
Consumers are feeling little optimism for the 2024 housing market as affordability concerns continue to push would-be buyers away from purchasing a home next year.
Community Home Lenders of America has sent a letter to federal mortgage regulators urging them to look into the potential mortgage financing fallout from the court ruling in Sitzer/Burnett v. NAR.