Bipartisan Action in House to Delay Implementation of the ATR/QM Rules
While it would not be prudent to put the brakes on your institution's efforts to prepare for the January implementation of the Ability-to-Repay and Qualified Mortgage rules just yet, 118 members of the House have signed a letter urging CFPB to delay implementation of the rules for one year. The House members claim that the 4,000 pages of regulations followed by four amendments to further clarify the requirements makes it unrealistic for financial institutions and their software providers to be ready to comply in time. [11/6]