Regulator Ends Debt-Ratio Standard for Mortgage Approvals

Orange County Register, Dec. 17, 2020–Jeff Lazerson
In response to the 2007-10 mortgage crisis when disingenuous standards ruled the roost, the Consumer Financial Protection Bureau (effectively the mortgage police) moved to a universal, regulated underwriting standard, named Qualified Mortgage, or QM. But on Dec. 10, the CFPB issued a new General QM Final Rule. (MBA mention)