NAR mits a Statement for the House Hearing on "How Prospective and Current Homeowners Will Be Harmed by the CFPB's Qualified Mortgage Rule"
Issue Date: January 14, 2014
113th Congress
House Committee on Financial Services
NAR submitted a statement to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit for its hearing on "How Prospective and Current Homeowners Will Be Harmed by the CFPB's Qualified Mortgage Rule." It expressed concerns with the 3 percent cap on points and fees and the 43 percent Debt-to-Income limit, along with encouraging policymakers to construct a QRM rule that mirrors the newly implemented QM rule.