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Mortgage Resource Group News

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New Universal Mortgage Guidelines About To Be Implemented

Greetings Friends, Clients and Associates.


The big news in the Mortgage Universe is the looming implementation of the Dodd-Frank inspired Qualified Mortgage and Qualified Residential Mortgage. In just a little over a month, the US Government, through it’s Consumer Financial Protection Bureau, will be the de facto arbiter of who gets a mortgage loan with the best terms going forward.  It’s not that banks will not be free to lend to anyone they want to after January 10, but the risks inherent in making a mortgage loan that is outside the underwriting criteria of the QM are so great that few if any banks will even attempt it.


Fortunately, Mortgage Resource Group has always adhered to sensible and ethical lending practices, and we estimate that 80% of the loans we originate already conform to the upcoming Qualified Mortgage definitions.  The one area of concern for some of our clients will be the new debt ratio ceiling which is to be pegged at 43%.


Mark Greene describes the issue very well in his article “The Great Qualified Mortgage Yawn”.  Excerpts follow.   

The Perfect Loan File

Mark Greene, Contributor

Want to know what is being asked of you during the mortgage process and why?

Read on…

The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers. It’s in meeting the rigorous documentation requirements that most people fall flat. The good news is, the fix is simple. Just scan, photocopy, fax, and deliver every aspect of your financial life. Then, shortly before closing, check everything again.

Welcome To Our New Website

Thank you for visiting and viewing our great new website!

Established in 1989, Mortgage Resource Group has earned the reputation among homeowners, attorneys, realtors, accountants and financial planners as a truly professional organization staffed with experienced, caring and knowledgeable people.

We provide mortgage loans on single family homes, condominiums, and 2-4 unit apartment buildings. We handle both purchases and refinances, and we do loans for investors as well as owner occupants.

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