Consumer advocates, housing industry professionals call for alignment of QM, QRM

A coalition representing consumer groups, civil rights organizations and housing finance professionals urged regulators to align the criteria underlying two important mortgage-related definitions described in the Dodd-Frank Act. The Coalition for Sensible Housing Policy said aligning the Consumer Financial Protection Bureau’s recently finalized qualified mortgage requirements with the qualified residential mortgage definition currently being crafted by a group of regulators would benefit lower income borrowers while creating more opportunities for private capital to reenter the mortgage market.