Price-Based Approach Replaces CFPB’s Debt-to-Income Limit

The National Association of REALTORS® welcomed two proposed rules by the Consumer Financial Protection Bureau on Monday in what it believes will help bring greater stability to the housing market for homebuyers. The CFPB moved to extend its Qualified Mortgage Patch and amend its QM definition by removing a previous debt-to-income limit that home buyers were required to meet, replacing it with a price-based approach that would account for the difference between the loan’s annual percentage rate and the average prime offer rate for a comparable transaction.

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