On June 19, 2012, NAR President Moe Veissi met with Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) to discuss a wide range of topics including the Qualified Mortgage (QM) and RESPA/TILA rulemakings, as well as upcoming rulemakings covering servicing standards and loan officer compensation.
Veissi noted that NAR supports a QM definition that establishes strong consumer protections and incorporates important ability-to-repay standards but asked that the CFPB ensure that the rule doesn’t unduly reduce mortgage credit availability or increase its costs. Director Cordray indicated that the CFPB is mindful of how these pending rules will effect credit availability to all creditworthy borrowers. Veissi also expressed support for the implementation of servicing standards that will lead to improvements in servicer outreach to families that are at risk of losing their homes.
Director Cordray recognized the important role REALTORS® play in housing sector and requested continued communication between NAR and the CFPB.