Industry Groups React to QM

Many industry groups have commented this morning on the final Qualified Mortgage/Ability to Repay rule issued today by the Consumer Financial Protection Bureau (CFPB). Most of the comments received so far have been generally favorable and have lauded CFPB and the process they used in arriving at the rule. Here is a sampling of the comments we have received. Debra Still, Chairman, Mortgage Bankers Association (MBA) said that MBA agrees that the goal of the regulations, ensuring that borrowers receive...

CFPB Releases Final Rule on Ability to Repay, Leaves Back Door Open on DTI

The final rule to implement those parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act relating to consumers ability to repay home loans was released by the Consumer Financial Protection Bureau (CFPB) today. The rule will take effect on January 10, 2014. CFPB also released a proposal to seek comment on possible adjustments to the final rule for certain community-based lenders, housing stabilization programs, certain refinancing programs of Fannie Mae and Freddie Mac (the GSEs...

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Today's Comments

	"I wish we could get more details of the "excessively tight underwriting" Mr. Yun mentions that is stopping buyers who have 20% to put down, and..."
	"The story is no longer about exceptions to the rule, but about the growing breadth of the housing recovery even as overly strict mortgage requirements..."
	"Great information!"

Today's Q&A