On January 30, NAR along with organizations representing financial services, real estate finance, housing, consumer affairs, and civil rights sent a letter to the Office of the Comptroller of the Currency, Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Federal Deposit Insurance Corporation, and the Department of Housing and Urban Development (the Agencies). The letter expresses support for the Agencies’ commitment to review the definition of “qualified residential mortgage” (“QRM”) and related provisions of the Credit Risk Retention Rule to consider, among other things, changes in the mortgage and securitization market conditions and practices as well as changes made to the “qualified mortgage” (“QM”) definition by the Consumer Financial Protection Bureau (“CFPB”). The signatories ask the Agencies to delay the conclusion of this review until the CFPB finalizes its rule regarding the definition of QM.
NAR Joint Trade Letter to OCC, SEC, FHFA, FDIC, HUD, and the Federal Reserve Board of Governors Regarding QRM Review - Credit Risk Retention
Issue Date: January 30, 2020
On January 30, NAR along with organizations representing financial services, real estate finance, housing, consumer affairs, and civil rights sent a letter to the Office of the Comptroller of the Currency, Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Federal Deposit Insurance Corporation, and the Department of Housing and Urban Development (the Agencies). The letter expresses support for the Agencies’ commitment to review the definition of “qualified residential mortgage” (“QRM”) and related provisions of the Credit Risk Retention Rule to consider, among other things, changes in the mortgage and securitization market conditions and practices as well as changes made to the “qualified mortgage” (“QM”) definition by the Consumer Financial Protection Bureau (“CFPB”). The signatories ask the Agencies to delay the conclusion of this review until the CFPB finalizes its rule regarding the definition of QM.
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