On September 8 NAR sent a letter to CFPB Director Kathy Kraninger in responce to the agency's notice of proposed rulemaking (NPRM) on the Qualified Mortgage (QM) Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition. NAR has long advocated for a reassessment of the general QM rule and QM “patch” for the Government Sponsored Enterprises (GSEs or Enterprises) and appreciates the CFPB’s efforts to clarify a market-wide rule that brings a more wholistic approach rather than a limited, single debt-to-income (DTI) rule. However, REALTORS® remain concerned that the proposed rule has not addressed several weaknesses that could result in higher and inconsistent costs for consumers, discrimination, and a weakening of safety and soundness.
NAR Letter to CFPB Director Kraninger In Response to NPRM on QM Rule
Issue Date: September 08, 2020
On September 8 NAR sent a letter to CFPB Director Kathy Kraninger in responce to the agency's notice of proposed rulemaking (NPRM) on the Qualified Mortgage (QM) Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition. NAR has long advocated for a reassessment of the general QM rule and QM “patch” for the Government Sponsored Enterprises (GSEs or Enterprises) and appreciates the CFPB’s efforts to clarify a market-wide rule that brings a more wholistic approach rather than a limited, single debt-to-income (DTI) rule. However, REALTORS® remain concerned that the proposed rule has not addressed several weaknesses that could result in higher and inconsistent costs for consumers, discrimination, and a weakening of safety and soundness.
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