The six financial regulators released the final version of the long-awaited qualified residential mortgage (QRM) rule. The regulators listened to REALTORS when finalizing the rule, which now equates QRM with the "Qualified Mortgage (QM)" standard. As originally proposed, the QRM rule would have narrowly defined QRMs to require a 20-percent downpayment. However, the revised rule encourages safe and financially prudent mortgage financing while also ensuring creditworthy homebuyers have access to safe mortgage financing with lower risk of default. In addition, consistency between both standards reduces regulatory burden and gives mortgage professionals much-needed clarity and consistency in the application of the important mortgage standards required pursuant to Dodd-Frank. 

Click here for the full text of the new QRM rule.