ABA has submitted a statement regarding “How Prospective and Current Homeowners may be Harmed by the CFPB’s Qualified Mortgage Rule” to the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services of the U.S. House of Representatives. Some concerns expressed by ABA include:
The need to extend implementation dates;
The significant penalties carried by the rule; and
The frequent revisions implemented by the CFPB.
The CFPB QM rule went into effect Friday, January 10, 2014.