Call to Action: Frank-Dodd Act Hurting Our Industry
When the Dodd-Frank act was passed in 2009, the various reforms enacted had staggered effective dates. On January 10, 2014, the Qualified Mortgage (QM) rule will go into effect.
As written currently, the rule will disproportionately impact small brokerages like ours. Banks are not required to disclose their fees in the same way that brokerages do, and the new rule does not account for this discrepancy.
There are currently three bills that would amend the QM rule to even out the requirement between banks and brokerages. More information about QMs can be found here. This document outlines the changes that 1077 will make to the QM rule.
We are taking action to help with the passage of 1077, 2767, and 949. We need as much support as we can get. Please, take a few minutes to send this letter to your Congressman.