NEWS FROM NAMB - TOP STORY...Only 36 Comments On 3% Originator Cap

It is amazing that only 36 people have commented on the Ability to Pay Rule so far. The CFPB is assessing the Ability to Repay rule, also known as the Qualified Mortgage (QM) rule. Under the rule, we have a 43% ratio that essentially only applies to private industry loans and a 3% cap that really only applies to mortgage brokers because of all of the exemptions. It is super-easy to comment, simply click on this link and say something like “I believe the CFPB should remove the 3% cap on mortgage originators” or “The 43% cap on income should be changed to 50%”, etc. NAMB has provided some talking points for you and you can look at NAMB’s official comment for ideas. You can even comment anonymously if you are afraid of the CFPB. The deadline for comment is Monday, July 31st.