MBA calls Consumer Financial Protection Bureau's proposed changes to qualified mortgage rule a positive development for consumers, noting changes would allow lenders to extend qualified mortgage loans to a larger number of borrowers
April 30, 2014
– 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.”
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mba.org.