The Consumer Financial Protection Bureau released its ability-to-repay/qualified mortgage rule on Jan. 10, but the rule’s impact on community lenders and the customers they serve still isn’t clear. That’s because, in addition to the final rule, the bureau released a proposal that would provide QM status for certain loans made by small creditors.
The proposal includes numerous revisions and exemptions intended to preserve credit availability, particularly for low-to-moderate-income consumers and consumers in rural and underserved areas. Read on for the details.