The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 granted federal bank regulators the power to set mortgage lending standards. This past March, the bank regulators released draft guidelines for mortgages that will meet the new Qualified Residential Mortgage (QRM) standard. It is expected that mortgage loans meeting the QRM standard will be in high demand and therefore loans that do not meet the QRM standard will not likely be widely available to most borrowers. This change in lending philosophy could radically change the way Americans approach homeownership according to the Community Associations Institute. CAI has information to help you understand the proposed QRM standard via its short Frequently Asked Questions.