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Qualified Mortgage (QM) Rules: Why Getting A Mortgage In 2014 May Be Harder Than Ever

New Four Letter Word In the Mortgage Industry Say the word “QM” (short for Qualified Mortgage) to any mortgage banker these days, and watch their reaction. If they were smiling, they will stop. Better yet, lock the doors to prevent them from jumping off the nearest bridge. “QM”...

Court of Appeals Rejects Attempted Restriction of “Mortgage Banker” Priority Provision

On February 20, 2014, the Wisconsin Court of Appeals issued an opinion interpreting the meaning of “mortgage banker” under Wis. Stat. § 224.71(3) [ version available to lexis.com subscribers ] and finding that a mortgage holder was entitled to the priority afforded under Wis. Stat. §...