Fed’s Tarullo says regulators should consider ‘congruent’ QM, QRM

A Federal Reserve governor said that while the Dodd-Frank Act’s qualified mortgage and qualified residential mortgage provisions were crafted to achieve different ends, regulators should consider whether to make the QM and QRM definitions “more or less congruent.” Governor Daniel Tarullo told lawmakers on the U.S. Senate Banking Committee that low and middle-income borrowers could be negatively impacted if the QM and QRM rules include “too much in the way of duplicate or multiple kinds of requirements.” Read on for the details.