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Wednesday, May 15, 2013

Cordray: QM Rules Cover Vast Majority of Loans But Not All

Richard Cordray, Director of the CFPB, spoke to the National Association of Realtors reading the Bureau’s work in the mortgage market. On the topic of the CFPB’s qualified mortgage rules, Cordray stated:
Qualified Mortgages cover the vast majority of loans made in today’s market, but they are by no means all of the mortgage market. This point is quite important, and it should not be misunderstood. Those lenders that have long upheld strong underwriting standards have little to fear from the Ability-to-Repay rule…Nothing about their traditional lending model has changed, and they should continue to offer such mortgages to borrowers whom they evaluate as posing reasonable credit risk – whether or not they meet the criteria to be classified as Qualified Mortgages.
Read full prepared remarks.

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