The CFPB’s ability-to-repay rule and qualified mortgage standard will have wide-reaching implications for both the primary and secondary U.S. mortgage markets, according to a new report from Fitch Ratings. The ATR rule, which goes into effect Jan. 10, 2014, was drafted to protect borrowers by ensuring that lenders have adequately assessed a borrower’s ability to repay a residential mortgage loan. As a result, “creditors will need to adjust underwriting practices to conform to new QM guidelines and new practices will need to be created and...