SAN FRANCISCO — New mortgage rules that take effect in January will constrict mortgage availability and deny credit to some first-time homebuyers, Quicken Loans CEO Bill Emerson said in a panel discussion on lending at the National Association of Realtors’ annual conference.

The qualified mortgage, or ability-to-repay rule, requires “significant documentation from consumers to justify lenders’ underwriting decisions,” and lenders face strict penalties if a loan is made outside of the specific criteria, Emerson said.

Lenders have already tightened underwriting in recent years, and poor communications between real estate agents and appraisers can further complicate loan approvals, real estate agents and appraisers who attended another panel discussion on appraisal issues said.

John Anderson of Crystal, Minn.-based Twin Oaks Realty Inc. said 80 to 90 percent of agents he recently queried said appraisals were the top issue they face in 2014.

“I’ve personally had more appraisal problems in the past year than I’ve had in the past three decades,” Anderson said. Appraisals that don’t provide credible valuation supporting a proposed sales price can postpone closings or derail a sale altogether. Source:

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription