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Cordray Defends QM Regs: On-Site at MBA

WASHINGTON CFPB director tells confab that 95% of current mortgage lending will qualify.

By David Morrison | Updated on October 29, 2013
WASHINGTON — Richard Cordray, director of the Consumer Financial Protection Bureau, this week defended his agency’s qualified mortgage regulations against recent criticism.

Speaking to bank and credit union executives attending the Mortgage Bankers Association meeting at the Washington Convention Center on Monday, Cordray took issue with the suggestion that current QM regulations may effectively shrink the numbers of available housing finance loans because so few mortgages funded now will meet requirements that take effect in January.

“Based on the other elements of the QM definition, we estimate that more than 95% of the mortgage loans being made in the current market will be Qualified Mortgages, as Mark Zandi of Moody’s Analytics recently confirmed,” Cordray told the group.

“Some, such as CoreLogic, have put out much lower figures, but by their own admission, those figures were not intended to take account of the expanded definition of QM that will actually take effect in January but instead were offered as projections of a distant future when the temporary expansion expires,” he said.

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