On Sept. 30, 2014, NAR wrote to Consumer Financial Protection Bureau (CFPB) director Richard Cordray expressing concern that the CFPB's guidance on mini-correspondent lenders realting to the Ability to Repay/Qualified Mortgage (QM) rule not be interpreted in a way that would reduce access to credit by unfairly discriminating against smaller lenders. NAR noted that certain provisions of the guidance relating to whom the lender sells its loans to and who it receives its warehouse line of credit from should not be over-emphasized. NAR warned that doing so could reduce consumer choice. It could also concentrate lending even further amongst the largest lenders and banks. NAR continues to work with CFPB to ensure that lenders of all sizes are treated fairly and consumers have access to the credit they want and need from the providers they choose.