More than 30 industry associations have reached out to the Consumer Financial Protection Bureau to obtain a more specific definition of the term “qualified mortgage,” or “QM,” Reverse Mortgage Daily reports.
The definition is crucial to the enforcement of new “Ability to Repay” regulations. Oversight of that regulation had been in the purview of the Federal Reserve Board, but has since been transferred over to the CFPB.
Too narrow a definition could crowd out borrowers with moderate levels of income, association representatives argue.
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Also in Regulation Roundup: New CFPB Blog Post: “Protecting older Americans in Tampa Bay”
