NAHB President Responds Favorably to QM Rule

Responding to the qualified mortgage rule issued by the Consumer Financial Protection Bureau (CFPB), the National Association of Home Builders’ (NAHB) president, Barry Rutenberg noted the balance struck between creditworthy borrowers seeking mortgages and lenders who are protected from potential lawsuits. MHProNews notes his words: “Our initial review of the QM rule indicates that this balanced approach can be achieved. NAHB is encouraged that regulators heeded concerns from the housing industry to craft a broad standard that includes many of today’s sound mortgage products, including fixed-rate and adjustable-rate mortgages, under the QM standard. To spur the revival of the home lending market, it is essential that regulators act prudently and thoughtfully in the coming year to implement this rule in a sensible manner to avoid disruptions to the housing finance system and ensure qualified borrowers can obtain affordable credit.”

(Image credit: National Association of Home Builders)

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