CFPB may be bending on ‘rural’ definition

When the Federal Reserve first released a proposal intended to implement Dodd-Frank’s ability-to-repay/qualified mortgage provisions, the mortgage industry was quick to highlight major issues such as the scope of the QM definition. However, other key provisions received a burst of public attention after the CFPB issued its final ATR/QM rule in January. Read on to learn about the continuing debate over an important exemption for institutions in rural and underserved areas.