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Lending The Ticker

CFPB doesn't anticipate litigation outburst over QM

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Consumer Financial Protection Bureau Director Richard Cordray is confident the qualified mortgage rule will not stump the mortgage market in early 2014.

Cordray in a speech said banks will need time to implement all of the new standards, and he doesn't anticipate an outburst of litigation as the market adjusts to the guidelines, Bloomberg writes.

“Let me also assure you that our oversight of the new mortgage rules in the early months will be sensitive to the progress made by institutions that have been squarely focused on making good-faith efforts to come into substantial compliance on time –- a point that we have also been discussing with our fellow regulators,” he said.
 

Source: Bloomberg
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