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HousingWire's 2021 Spring Summit

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Politics & MoneyMortgage

What is the Ability-to-Repay rule without DTI?

CFPB proposes replacement to debt-to-income ratio

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In mid-January, the Consumer Financial Protection Bureau quietly sent a letter to Congress, stating that it planned to propose an amendment to the Qualified Mortgage rule that moves away from using the debt-to-income ratio requirement in mortgage underwriting.

The bureau determined it will move on from the DTI requirement in search of an alternative, such as a pricing threshold. There are several options being floated as possible alternatives, but the industry has been firm in their stance against the DTI requirement. And CFPB Director Kathy Kraninger is taking the industry’s views on this issue.

What is the Ability-to-Repay rule without the DTI threshold? If originators aren’t looking at one’s income, can they truly determine if a borrower can repay their loan? The answer is simple: yes.

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