An act of Congress would not be needed to amend the 30-year amortization limits for qualifying mortgages (QMs) that adhere to the underwriting guidelines of Fannie Mae and Freddie Mac, says Mike Calhoun, president of mortgage lending at the Center for Responsible Lending, the policy arm of Self-Help Credit Union. “The statute gives all the relevant agencies the right to revise that,” says Calhoun. “Someone could attempt to revise that and extend QM coverage to 50 years, which would reduce some of the rate differential that you get between 30 and 50 years today.”
