Coalition Letter to OCC, SEC, Federal Reserve, FHFA, FDIC, and HUD Regarding QRM/Credit Risk Retention Review

On June 7 NAR signed on to real estate coalition letter to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (collectively, the Agencies). The letter provides observations and recommendations with respect to the review of certain provisions of the Credit Risk Retention Rule1 issued by the Agencies.

 

The letter thanks the Agencies for delaying the Qualified Residential Mortgage (QRM) review until the Consumer Financial Protection Bureau (CFPB) issued final rules with respect to the Qualified Mortgage (QM) framework.The signatories strongly support the continued alignment of the QRM and QM frameworks. This alignment ensures that the most competitive mortgage terms are accessible to the  broadest segment of QM-eligible borrowers while continuing to promote safe and sound lending practices and strong investor protections.