Mortgage Groups Suggest Changes To Appendix Q to Maximize QM
June 3, 2013
The Mortgage Bankers Association and the Housing Policy Council jointly wrote the CFPB recently with a variety of additional changes to improve lenders certainty when they use the ability-to-repay rules Appendix Q to define the debt-to-income ratio for qualified mortgages under the general definition. The groups emphasized reducing what they saw as an over-reliance on subjective qualifications that could require lenders to use manual underwriting processes when they would prefer to use automatic underwriting...