Realtors® Applaud CFPB’s Long-Awaited QM Patch, Replacement Announcements

WASHINGTON (June 22, 2020) – National Association of Realtors® President Vince Malta issued the following statement today after the Consumer Financial Protection Bureau on Monday released two Notices of Proposed Rulemaking extending the Qualified Mortgage Patch and amending the QM definition replacing the previous debt-to-income limit. The QM was created within the “ability to repay” anti-predatory lending provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

“America’s Realtors® applaud the CFPB’s action to provide a temporary QM patch extension, and commend the Bureau and Director Kraninger for acting on behalf of our nation’s consumers and homebuyers at a time when market stability is so critical,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Perhaps most importantly, we appreciate the Bureau’s decision to eliminate a hard DTI standard, and we look forward to more closely examining the proposed replacements and their impact on homebuyers over the coming months.”

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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