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Survey Indicates Credit Expansion Headwinds

by Ken Fears, Director, Regional Economics and Housing Finance, NATIONAL ASSOCIATION OF REALTORS®

The mortgage market was buffeted by a number of changes in 2013 and 2014; among them, higher fees at the Federal Housing Administration (FHA) and changes to underwriting as required by the Ability- to-Repay (ATR) and Qualified Mortgage (QM) Rules. In April of this year, NAR Research conducted its second Survey of Mortgage Originators. This second installment queried a sample of mortgage lenders about the actual impact of the ATR/QM rule.

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