NAR Responds as CFPB Unveils Long-Awaited Update to Qualified Mortgage Rule

WASHINGTON (December 11, 2020) – NAR President Charlie Oppler issued the following statement after the Consumer Financial Protection Bureau on Thursday released its final qualified mortgage rule, replacing the QM patch before its scheduled expiration on January 10, 2021. Oppler, who was installed as NAR's 2021 President last month, joined 2020 President Vince Malta on a phone call with CFPB Director Kathy Kraninger yesterday to express their appreciation for the agency's efforts and to stress the need to continue refining the rule to maximize consumer access and affordability under all economic conditions.

"The National Association of Realtors® commends the Consumer Financial Protection Bureau and Director Kraninger for replacing the QM rule and its onerous 43% debt-to-income requirement while working to balance the best interests of consumers, American real estate and our nation's economy," said Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "As underwriting remains critical to the American Dream of homeownership, NAR believes this final rule must be flexible enough to serve all communities, including individuals with non-traditional income documentation. And with the pandemic straining the finances of so many, it is even more critical for this rule to intentionally consider and address the ongoing impact on housing access and affordability."

The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

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