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According to Bloomberg, two people familiar with the new rule (who asked to remain anonymous) have said the “line” will be drawn at 43% debt-to-income ratio. This means the borrower’s back-end or total DTI must not exceed 43%, if the home loan is to be considered a Qualified Residential Mortgage.
That number should have a familiar ring to industry professionals. Previous rules have also set the DTI bar at 43%. It seems that federal financial regulators aren’t comfortable with debt-to-income ratios above 43%.
The QRM rule has been a long time coming. It was first proposed early in 2011, but has yet to be finalized or implemented. Earlier proposals included a 20% down-payment requirement and a maximum debt-to-income ratio of 36%. But those proposals drew criticism from a variety of groups, ranging from the National Association…
A title policy is an insurance policy that protects the financial interest in a property. There are two types of title insurance policies. The lender’s title insurance policy and the owner’s title insurance policy.
Typically, the lender will always purchase a lender’s title insurance policy to protect their investment. This insurance policy fee is part of the closing costs and is always reflected as a lender charge on the closing disclosure.
The owner’s title policy is an optional insurance policy that is not required in order to purchase a home. However, any Real Estate Professional that you work with will always recommend the purchase of this policy, in order to prevent any financial losses to the new home owner from previous home ownership.
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