MBA Statement on CFPB's Proposed Changes to the QM Rule

David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement regarding the Consumer Financial Protection Bureau's (CFPB) proposed changes to the Qualified Mortgage/Ability-to-Repay rule.

“This proposal is a positive development for consumers because it would allow lenders to extend safe, sustainable Qualified Mortgage (QM) loans to considerably more qualified borrowers.  As is being considered, if a lender believes it has offered a QM loan but later discovers the points and fees exceeded 3 percent of the loan amount,  the excess could be refunded to the borrower and the loan could still meet QM requirements. MBA looks forward to commenting on this proposal and working with the CFPB to ensure that these proposals work to benefit consumers to the greatest extent possible.”