The CFPB has issued its long-awaited and much-discussed ability-to-repay final rule, and the initial review of the 800-plus page document is that the bureau generally succeeded in navigating a moderate course, giving lender groups and consumer groups some but not all of what each wanted. In short, the rule creates a general definition of a qualified mortgage that addresses product standards, features minimum underwriting and documentation requirements, and limits “points and fees” to 3 percent. In terms of product...