NAR submitted a comment to the Consumer Financial Protection Bureau (CFPB) in response to its request for information on whether the phase-in of the QM rule that it finalized in December should be extended beyond the current July compliance date to October of 2021. Furthermore, the CFPB suggested that it might take the delay to review the new QM rule that is based on mortgage pricing.
NAR's comment reiterated previous requests that the CFPB should:
- Allow for a longer phase-in of at least one year,
- Address a number of problems with the rule being phased, and
- Seek to replace or augment the new pricing rule with a standard set by the industry and which sets benchmarks or minimums for pricing.