CFPB Needs to Clarify Its Definitions, Industry Says

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.

Read the full story here.

Also in Regulation Roundup: New CFPB Blog Post: “Protecting older Americans in Tampa Bay”