The FHA said it is working to define a “qualified mortgage” standard that meets the QM criteria under the Dodd-Frank Act, which takes higher priced mortgages into account.
According to new FHA rules, no less than 20 percent of a lender’s required net worth must be in the form of liquid assets consisting of cash or an equivalent.
Ginnie Mae issuers may buy out mortgage loans that are due but unpaid for four consecutive installments even if the borrower has made partial payments.