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CFPB Releases QM Rule Guide, Defends Timeline

Posted on 1/7/2014

The CFPB has released a consumer-focused "facts vs. fiction" guide on the Ability-to-Repay/Qualified Mortgage (QM) rule, which takes effect Friday. Part of the guide responds to several criticisms about the rule, including that lenders have not had enough time to update their systems to implement the new rules.

The Bureau noted the year between the final rule and its effective date and said that its "various amendments" throughout the year have been intended to "ensure the effectiveness of the rules by making it easier for lenders to comply."

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