The Coalition for Sensible Housing Policy—a broad group of financial, housing and community development stakeholders including ABA—yesterday wrote to the federal banking agencies urging them to delay the conclusion of a mandated review of the “qualified residential mortgage” definition and related provisions of the credit risk retention rule. The agencies were required to begin the review no later than Dec. 24, 2019, pursuant to the timeline set forth in the original rule.
The groups called for a delay until the CFPB can finalize and implement the changes it is currently considering to the Qualified Mortgage definition. “It is only after the CFPB has made its final determination on the definition of QM, and following some period of experience under the new QM configurations, that the agencies would be in a position to evaluate and seek comment on the market and consumer impacts of QM/QRM equivalency versus divergence of the definitions,” the groups wrote.
