On January 21, NAR as part of a broad coaliton sent a letter to CFPB Director Kraninger. The letter responds to the Consumer Financial Protection Bureau’s (Bureau) rulemaking regarding the definition of a Qualified Mortgage (QM). The Ability-to-Repay (ATR) rule in the Dodd-Frank Wall Street Reform and Consumer Protection Act is one of the most important consumer safeguards in the legislation, and the Bureau’s regulations to promulgate and execute it will directly affect access to safe and affordable mortgage finance credit. Maintaining access to affordable and sustainable mortgage credit should be a key objective of the Bureau’s revised rulemaking.
NAR Coalition Letter to CFPB Kraninger on QM Rulemaking
Issue Date: January 21, 2020
On January 21, NAR as part of a broad coaliton sent a letter to CFPB Director Kraninger. The letter responds to the Consumer Financial Protection Bureau’s (Bureau) rulemaking regarding the definition of a Qualified Mortgage (QM). The Ability-to-Repay (ATR) rule in the Dodd-Frank Wall Street Reform and Consumer Protection Act is one of the most important consumer safeguards in the legislation, and the Bureau’s regulations to promulgate and execute it will directly affect access to safe and affordable mortgage finance credit. Maintaining access to affordable and sustainable mortgage credit should be a key objective of the Bureau’s revised rulemaking.
Download Letter