Seems to me that many of you still see the need to balance your product offerings by including forward mortgages, at the very least the QM products, with your tried-and-true HECM sales.
If you are asking what I mean by “QM” then you are the exact reason I decided to expand the training again.
A QM Mortgage is a CFPB definition for “qualified mortgage”. If the product is originated within some very tight guidelines and is Agency acceptable, then it is a QM. And that means that if you did your job well, you do not have to look over your shoulder regarding indemnifications or repurchases.
When we say “Agency” we mean FNMA-FHLMC-GNMA-HUD. That’s about it.
So here’s the point of this post. I would like to hear from you about what topics you would find most helpful regarding forwards and compliance. Webinars are being scheduled, and as usual they will be plain English easy to understand explanations of what you need to do and not do to keep your wheels on the pavement.
Let me hear from you. And as always, thanks!