208-254-2090
208-639-9730

Dodd-Frank Qualified Mortgage Rule

February 4, 2014

Here is a helpful article sent to us by our ever-helpful lender friend Terry Heffner, Branch manager at Guild Mortgage Company:

Friends:

Only one month into the year, and we are seeing the effects of the new Dodd-Frank Qualified Mortgage Rule, otherwise known as QM-3.

I believe in 2014 it will be imperative that borrowers understand the importance of getting their finances in order, WAY in advance of making decisions to sell, buy, relocate, etc…. Now more than ever, buyers need to specifically understand that the rules have changed. Whether your buyer is self-employed, a physician, or even a rocket scientist, there are real reasons to get the financing piece figured out, sooner rather than later.

This has always been the case, but with new underwriting pressures coming down from all the agencies and filtering down to mortgage lenders, nothing should be left to chance or assumed in the qualifying process. Please remember, many of your borrowers may not have been down this road since PRIOR to 2007, when everything changed. When you add in the most recent retractions and limitations put down by Dodd Frank and the CFPB, the process can be light years from what many buyers remembered it being! Preparing them for the process can make life easier on all parties and lead to smoother transactions! Making sure they are working with a reputable lender, with local processing, underwriting, and funding is a must as well!

That said, we want to offer some tools for you all to make sure you are prepared to emphasize the importance of the pre-qualifying phase, to ALL your buyers. Attached is an article originally put out by Forbes magazine, it accurately describes the detail of assembling a complete mortgage loan file. This is a great article to share with your savvy buyers, and first timers alike. After reading this article, they will understand what to fully expect when applying for a home loan. It’s so important for buyers to be accurately prepared for the process of buying a home. In fact, their satisfaction with their lender, AND Realtor depend largely on how smooth this process goes. Think for a moment of flying on an airplane. If, for instance, the pilot warns you the take-off will be bumpy, whether it is, or it is not, you are typically ok with the take-off. If he does NOT prepare you for a bumpy take off, and you hit massive turbulence on take-off, your flight is ruined and it’s hard to look back on that experience as positive, regardless of the outcome.

Make sure your next deal takes off smooth and lands smooth!

  • Zillow 5 Star Review  Throughout our entire process of buying a home, Stephanie was not only an incredibly skilled realtor, but an incredibly kind and genuine individual. She taught us things about the Home buying process we didn’t know, and was never less than a phone call away. We are first time home buyers in a very...

    dleoni03
    June 3, 2020

    Zillow 4 Star Review  Jaimee did a great job for us. We were probably a fairly difficult buyer to satisfy as we had some very specific needs, but with all of us working together we came up with a great home.

    Harry Reno
    October 29, 2020

    Zillow 5 Star Review  Stephanie was GREAT!!! Her knowledge and experience made the home buying process smooth and easy. She is quick to respond and prioritizes her clients. Stephanie made shopping for a home fun and stress free. We couldn’t have asked for better, more dedicated realtor!

    katrielansah
    April 17, 2020
  • Zillow 5 Star Review  Great Real Estate professional! Helped selling multiple properties in an effective efficient way!
    The activity included staging, negotiations, representation.
    The best team one could find!
    A full service team!
    Eli Porat

    eporat6
    February 14, 2021

    Zillow 5 Star Review  We worked with Jaimee as first-time homebuyers during July/August 2020 (one of the craziest periods in Boise’s real estate history). We had little idea that we would be walking into perhaps the hottest/most competitive residential real estate market in the country. Luckily, we had Jaimee Phillips...

    Graham Reid
    September 12, 2020

    Zillow 5 Star Review  With the help of Sheila Smith's expertise, the selling process was exceedingly simple, straightforward, and expedient. I would not hesitate to use and/or recommend her services.

    glennbeyerman
    June 26, 2020
  • Zillow 5 Star Review  Look no further! Stephanie is the best, hands down. She helped us find a house in this tough market with low inventory. She helped us through every step and went above and beyond with helping after closing. Her local knowledge is second to none. Whatever we needed she knew exactly where point us. I...

    brittinefc
    October 28, 2020

    Zillow 5 Star Review  We could not be happier with Sheila and her team. She was beyond responsive and attentive to our needs. As a former realtor and local professional, I was grateful for Sheila's attention to detail, knowledge of the market, integrity, and professional guidance. Sheila is a class act and we couldn't...

    Haley Chance
    May 22, 2020

    Zillow 5 Star Review  My wife and I were first time buyers and out-of-state. We could hardly have known less to start, but in spite of that we began our search online and had already formed pretty specific ideas about what we wanted by the time we met Stephanie. Once we were finally ready to take the plunge, we...

    Ben Clark
    July 13, 2020
  • Zillow 5 Star Review  Stephanie is very personable and informative. She made the selling process a breeze. She handled everything and get back to me in a very timely manner with any questions I had or words with potential buyers. I would highly recommended her to anyone looking to buy or sell.

    DanielleValentine
    December 21, 2020

    Zillow 5 Star Review  Stephanie recently helped me find and purchase my first home. She listened when I told her what I was looking for and was always available to answer my questions and share her expertise on locations and market values. Once my offer was accepted, she stayed on top of the paperwork, so the process...

    joshmoran22
    February 7, 2021

    Zillow 5 Star Review  Her team is amazing, she staged the house and we had an offer within three weeks during COVID19. Her responsiveness to any concerned I had were unmatched. She recommended great contractors to help sell our home.

    sberkeley
    June 5, 2020
  • Zillow 5 Star Review  ‘Looked at one house, ‘made one offer, and we closed last week; all because of Sheila Smith!! With her professional counsel, we were the successful buyer among many offers! Sheila is responsive, & she knows the market. She treated us like we were her most important client. She is candid, ‘no...

    cebsearch
    February 1, 2021

    Zillow 5 Star Review  Stephanie was instrumental in finding and closing on the perfect house for us, her expertise were invaluable given the extremely challenging sellers market we found ourselves in.

    mattjerry16
    August 27, 2020

    Zillow 5 Star Review  Chrissie was the best to work with! She helped us find our home effortlessly and no surprises at closing. She really sought to understand what we were looking for and didn’t disappoint. ?? ?? ?? ?? ??

    Jo maup
    June 23, 2020
Sheila's goal is to not only retain every client's business for life, but leave them so happy with her service that they are compelled to refer her to everyone they know. Her success stems from working hard for all of her clients and having fun during the process.
HomeTeamRecommendationsToolsArticlesContact
Privacy PolicyTerms & Conditions
© Copyright 2020 - Sheila Smith Real Estate Group - All Rights Reserved.
facebooklinkedinbuilding-omobileinstagrampinterest-p