CFPB Revisit Qualified Mortgage Exemption?

According to Richard Cordray,The Consumer Financial Protection Bureau’s agency director, the CFPB could consider expanding exemptions for small lenders from its qualified mortgage rule after it goes into effect on Friday. Mr. Cordray asked for input from community bankers, credit unions, and other lenders to let the CFPB know if they “got the line right.”

According to the ABA, “Under the qualified mortgage rule finalized last year, lenders with less than $2 billion of assets that make 500 mortgages or fewer per year are exempt from certain parts of the QM rule, including the debt-to-income ratio requirement if they hold the mortgages in their portfolio. Cordray said that exemption covers more than 90% of small creditors in the market. But he said the CFPB is watching the situation carefully and asking for feedback from lenders.”

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