The QM Patch’s Impact on Affordable Housing

The QM Patch’s Impact on Affordable Housing

Residents Raise Concerns Over Proposed Affordable Housing Project in Speonk. The North Phillips Avenue location, residents said, is not the right locale for such high density rentals. By Lisa Finn, Patch Staff | Jul 28, 2016 2:06 pm ET | Updated Jul 28, 2016 3:18 pm ET.

On the other hand, those fees increase the cost of housing and put a burden on the production of affordable housing projects. To lessen the impact of those fees on affordable housing projects, the cost of impact fees may be paid by other funding sources.

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GSE reform must allow risk to be reasonably pooled in the secondary market and should limit the centrality of risk-based pricing in any approach to reform. Risk-pooling advances broader economic mobility by allowing lower-income borrowers to access the same rates as higher-income borrowers.

The so-called patch refers to a temporary exemption Fannie and Freddie have from the need to make loans in line with the QM definition in order to get a safe harbor from ability-to-repay rule liability. It’s supposed to expire in 2021 or whenever conservatorship does.

To assess the effectiveness of the ATR/QM Rule in preserving consumer access to responsible and affordable credit, CFPB plans to examine the impact of major provisions of the rule on a set of consumer outcomes, including mortgage cost, origination volumes, approval rates, and subsequent loan performance.

Lynn M. Fisher is a resident scholar and the co-director of the Center on Housing Markets and Finance at the American Enterprise Institute, where she focuses on housing markets, including affordable housing, home building, mortgages and housing finance.

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 · The bill also would effectively cement the regulations’ temporary Fannie Mae/Freddie Mac “patch.” The regulations currently confer QM status on any loan that is eligible for purchase by.

Neither the QRM nor the QM statutory lists of factors to be considered. But it will be important to try to understand not just what the rule means, but what its impact will be on our entire housing.

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