The CFPB wants to replace the debt-to-income ratio limit with a price-based threshold in the general qualified-mortgage definition. The bureau also proposed extending the GSE patch until the effective date of a new QM definition.
The pilot program will provide customized advice to help financial institutions better understand their regulatory obligations. However, consumer groups said interpretations are better made via notice and comment.
The Office of the Comptroller of the Currency last week went it alone to finalize its Community Reinvestment Act overhaul. The final rule would restore the geographic distribution test for mortgage lending.