On September 9, BPI joined a coalition of mortgage lenders, trade associations, and consumer advocacy groups in a letter responding to the CFPB’s advance notice of proposed rulemaking on its Ability-to-Repay/Qualified Mortgage (ATR-QM) rule, in light of the impending expiration of a temporary “patch” exempting GSE-backed loans from certain of the rule’s underwriting requirements. The letter makes several recommendations for the ATR-QM rule intended to preserve access to sustainable loans and avoid market disruption with the expiration of the GSE patch. Specifically, the letter urges the removal of the rule’s debt-to-income ratio underwriting requirement, from which the patch currently exempts GSE-backed loans, as well as the preservation and enhancement of the rule’s existing credit risk safeguards and consumer protections.
BPI Joins Industry, Consumer Coalition in Response to CFPB’s Qualified Mortgage Proposal
