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Wednesday, August 28, 2013

ABA Applauds QRM Rule Proposal

ABA president and CEO Frank Keating:
We applaud the proposed Qualified Residential Mortgage rule released by federal regulators today. Gratefully, the proposed rule aligns the QRM definition with the existing Qualified Mortgage rule. This will encourage lenders to continue offering carefully underwritten QM loans, including those with lower down payments. As a result, it will help the economy and ensure the largest number of creditworthy borrowers are able to access safe, quality loan products at competitive prices.

The proposed rule removes unnecessary risk retention and capital requirements, which would reduce the availability of low-risk loans.

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