CFPB rule change might make it harder to get mortgages

Source: Michael Finney & Simone Chavoor, KGO-TV

The Consumer Financial Protection Bureau is allowing a provision to expire that once made it easier for Americans to get mortgages.

The "qualified mortgage patch" was a temporary provision that allowed Fannie Mae and Freddie Mac to purchase loans where the borrower's debt-to-income ratio exceeded 43% -- the number set by the CFPB's "Ability to Repay / Qualified Mortgage" rule. The patch will expire in January 2021; the CFPB is exploring what, if anything, to replace it with.

Read Full Article: CFPB rule change might make it harder to get mortgages

 

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