On September 16, 2019 NAR sent a letter to Director Kraninger of theConsumer Financial Protection Bureau. The letter responds to the Consumer Financial Protection Bureau’s (CFPB) advanced notice of proposed rulemaking (ANPR) on The Qualified Mortgage (QM) Definition under the Truth in Lending Act (Regulation Z). NAR has long advocated for a reassessment of the general QM rule and QM “patch” and appreciates the CFPB’s efforts to clarify a market-wide rule that would allow for consumer protections and fairness for originators. REALTORS® remain concerned that a more limited definition than the current patch would not support a broad and consistent national market for homeownership.
NAR Letter Responding to CFPBs ANPR on GSE Patch
Issue Date: September 16, 2019
On September 16, 2019 NAR sent a letter to Director Kraninger of theConsumer Financial Protection Bureau. The letter responds to the Consumer Financial Protection Bureau’s (CFPB) advanced notice of proposed rulemaking (ANPR) on The Qualified Mortgage (QM) Definition under the Truth in Lending Act (Regulation Z). NAR has long advocated for a reassessment of the general QM rule and QM “patch” and appreciates the CFPB’s efforts to clarify a market-wide rule that would allow for consumer protections and fairness for originators. REALTORS® remain concerned that a more limited definition than the current patch would not support a broad and consistent national market for homeownership.
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