On July 31, 2017 NAR submitted comments in response to the CFPB's June 1, 2017, request for information regarding Ability-to-Repay/Qualified Mortgage Rule (ATR/QM) assessment. NAR supports the overall objectives of the ATR/QM rule written to assure the continued availability of affordable mortgages for qualified consumers while obligating lenders to make good faith determinations that consumers will have the reasonable ability to repay the loan. As mentioned in NAR’s previous comments, sound public policy that supports homeownership leads to stronger communities and social stability, all while driving the national economy. Though the country experienced great pains during the recession, as a nation we collectively learned that we are all responsible for ensuring prudent, sustainable lending standards.
NAR Comments to CFPB Director Cordray Regarding Ability-to-Repay/Qualified Mortgage Rule (ATR/QM) assessment
Issue Date: July 31, 2017
On July 31, 2017 NAR submitted comments in response to the CFPB's June 1, 2017, request for information regarding Ability-to-Repay/Qualified Mortgage Rule (ATR/QM) assessment. NAR supports the overall objectives of the ATR/QM rule written to assure the continued availability of affordable mortgages for qualified consumers while obligating lenders to make good faith determinations that consumers will have the reasonable ability to repay the loan. As mentioned in NAR’s previous comments, sound public policy that supports homeownership leads to stronger communities and social stability, all while driving the national economy. Though the country experienced great pains during the recession, as a nation we collectively learned that we are all responsible for ensuring prudent, sustainable lending standards.
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