The National Association of Realtors (NAR) is advocating for a permanent solution to the expiring “patch” created for the Consumer Financial Protection Bureau’s (CFPB) Ability-To-Repay/Qualified Mortgage (ATR/QM) Rule.
The CFPB recently announced it will let the “QM patch” rule – which grants QM status for certain loans with high debt-to-income (DTI) ratios – expire Jan. 10, 2021.
Read on for NAR President John Smaby’s statement on the QM patch issue.
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