QM Status Alone Not a Safety-and- Soundness or CRA Issue, Feds Say
December 16, 2013
Whether a given mortgage meets the criteria of a qualified mortgage under the CFPBs ability-to-repay rule, in and of itself, will not be considered a safety- and-soundness issue, according to joint supervisory guidance issued late last week by federal financial regulators. Nor will QM status or the lack thereof be a make-or-break issue in terms of Community Reinvestment Act compliance, the feds added, echoing similar guidance issued back in October. From a safety-and-soundness perspective, the agencies...