The Consumer Financial Protection Bureau (CFPB) and the Consumer Financial Protection Bureau (CFPB) has recently released their finalized Qualified Mortgage (QM) rules for implementation across the US mortgage industry. The Consumer Loan Housing Association (CHLA) recently released a statement that the CFPB should delay the implementation of the QM regulations due to the complexity and the newness of the process.
CHLA expressed that the complexity, and the broad range of stakeholders involved in the US mortgage industry, necessitated a more thorough and transparent implementation process. They believe that this will benefit the stakeholders, by ensuring that the regulations are implemented properly and consistently. They warned that a rushed implementation could lead to major difficulties, and they urged the CFPB to give more time for everyone to become familiar and comfortable with the regulations before it is launched.
Major Elements:
• CFPB recently released final QM regulations
• CHLA releases statement urging for delay of implementation
• Complexity and range of stakeholders necessitates thorough, transparent process
• Delay will help stakeholders become familiar and comfortable with regulations
• Rushed implementation could lead to major difficulties
You can read this full article at: https://www.housingwire.com/articles/chla-to-fhfa-could-we-please-slow-down-on-credit-score-reporting-changes/(subscription required)
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