NEW MORTGAGE RULE IS A STEP FORWARD FOR SUSTAINABLE HISPANIC HOMEOWNERSHIP
Statement from the National Association of Hispanic Real Estate Professionals on the re-proposed qualified residential mortgage rule
SAN DIEGO– The National Association of Hispanic Real Estate Professionals (NAHREP) applauds the release of proposed regulatory changes to define the Qualified Residential Mortgage (QRM) rule. By aligning the QRM with the Qualified Mortgage (QM) rule released earlier this year, NAHREP believes this alignment of mortgage rules will help address industry concerns about further restricting access to credit. Harmonizing the two rules ensures safe and sound lending protections are put in place, without unduly restricting the housing market from efficiently accessing private capital.Hispanics are expected to account for 40% of all new household formations and are anticipated to be the primary driver of first time buyers for this next generation. NAHREP applauds the revision from an earlier version of QRM which proposed an onerous 20 percent down payment requirement for all QRM loans. This requirement would have had a material impact on the affordability of low-down-payment loans, and would disproportionally have affected homeownership prospects for Latino households. NAHREP, along with many other constituencies, welcomes this new direction in policy.”This new proposal takes into account the feedback from the broad range of stakeholders in the housing industry, “said Juan Martinez, president NAHREP. “Aligning the two mortgage rules was a top policy priority for NAHREP as it allows more Hispanic households, who are already motivated to achieve homeownership, to take part in the American dream.”NAHREP additionally urges regulators to move swiftly to finalize rule changes once this next period of public comments concludes.
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to advancing sustainable Hispanic homeownership by educating and empowering the real estate professionals who serve the Latino community. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 20,000 members and 38 chapters.
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The National Association of Hispanic Real Estate Professionals®
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