EDUCATE – INFORM – ADVOCATE
IMLA has three directives. We educate, we inform, and we advocate. IMLA educates, informs, and advocates so our members can concentrate on helping Idaho families achieve their dreams of homeownership. We provide up to date and relevant education to our members. We keep our membership informed of upcoming changes, both regulatory and legislative. We are the voice of the industry, keeping abreast of and help mold legislative changes at the local, state, and federal levels. Conceived in 1974 by a group of mortgage bankers who foresaw the value of building a strong network of real estate finance professionals, the Association has grown into an organization which is the resource point for the real estate lending industry in Idaho.
Articles and Announcements:
Suspends all foreclosure and evictions for the next 60 days
- Why it matters: The QM standard influences lending decisions by all types of originators throughout the country. Approximately one-sixth of all single-family loans achieve QM status by virtue of the GSE Patch. Expiration of the GSE Patch without corresponding reforms could drive up borrowing costs for many consumers – potentially putting home ownership out of reach for many and disrupting the mortgage market.
- The QM revisions described in the letter are consistent with detailed recommendations recently made by MBA. In particular, MBA urged the Bureau to eliminate the use of DTI ratios as a standalone threshold in the QM definition, which would also remove the need to use the rigid, outdated Appendix Q methodology for calculating borrower income and debt.
- Kraninger notes that the Bureau expects to issue a formal proposal no later than May 2020.