The CFPB will finalize the proposed ability-to-repay rule and its qualified mortgage (QM) designation “before our January deadline,” bureau Director Raj Date said yesterday at the ABA Regulatory Compliance Conference in Orlando, Fla.
Date noted that the CFPB reopened the comment period on the proposed rule to seek feedback on new data the agency received. He explained that the bureau received Federal Housing Finance Agency data that tracks the performance of Fannie Mae and Freddie Mac loans from 1997 to 2011, and it also obtained information on other securitized mortgage loans.
The CFPB is seeking comment on the data, and is also seeking additional data on the relationship between ability-to-repay and potentially relevant factors such as a borrower’s cash reserves.
Read Date’s speech.