MBA Statement on CFPB's Letter Regarding the Qualified Mortgage Standard
|Rob Van Raaphorst|
WASHINGTON, D.C. (January 21, 2020) - Statement by MBA President and CEO Bob Broeksmit about the CFPB's letter to senior members of Congress regarding the Bureau's plans for a revised Qualified Mortgage standard:
"MBA appreciates CFPB Director Kathy Kraninger's intention to temporarily extend the GSE patch and move away from the use of a standalone debt-to-income ratio. MBA has urged the Bureau to eliminate the use of DTI ratios as a standalone threshold in the QM definition, which would also remove the need to use the rigid, outdated Appendix Q methodology for calculating borrower income and debt. We look forward to working with the Bureau, and other stakeholders, on the proposed rule."