Financial industry insiders largely agree on one thing regarding the “patch” created for the Consumer Financial Protection Bureau’s (CFPB) Ability-To-Repay/Qualified Mortgage (ATR/QM) Rule – it is necessary only because the QM standard is flawed.
Ron Haynie of the Independent Community Bankers of America told Dodd Frank Update he believes the bureau is asking the right questions in its advance notice of proposed rulemaking (ANPR) regarding what needs to be done to fix the QM framework.
Find out what he had to say on the matter.