Stuart Quinn, a policy research and strategy analyst for CoreLogic
summarizes 2014 as a period of consumption for housing market participants when
it came to regulatory and policy guidance.
They were “digesting, interpreting, re-interpreting and implementing
lengthy regulations to remain compliant and operationally sound.”
And, according to Quinn, they did have a lot to digest,
interpret and implement during the year.
The Ability to Repay/Qualified Mortgage (QM) Rule, new servicing rules,
amendments modifying the National Flood Insurance Program, and the Qualified
Residential Mortgage/Risk Retention rule were all on the plates of lenders
and/or servicers. There were
multi-million dollar legal settlements, tighter underwriting standards,
gradually rising interest rates, and still soft employment, none of which were
particularly good for housing markets and all while discussions continued about
access to credit and GSE reform.