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McHenry Statement on QM Final Rules to Provide Clarity to Mortgage Industry

Washington, Dec 10 -

WASHINGTON – Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement after the Consumer Financial Protection Bureau (CFPB) issued final rules on qualified mortgage (QM) loans to provide clarity to mortgage market participants:

“The CFPB’s final rules give the mortgage industry certainty and help to smooth the transition from the QM Patch months before its expiration. This action will also update the QM definition to increase flexibility and innovation in the market, encouraging access to mortgage credit. I want to thank Director Kraninger for finalizing these rules to help ensure access to affordable housing for Americans at a time when it’s most needed.”