The QM Patch’s Impact on Affordable Housing

The consumer financial protection Bureau (CFPB) made waves in the mortgage industry last Thursday when it announced it plans to retire the qualified mortgages (qm) patch. The policy gives government-sponsored enterprises (gses) fannie Mae and Freddie Mac a competitive advantage in complying with underwriting rules.

Many in the homebuilding sector and related industries are standing against New Orleans Mayor Mitch Landrieu’s initiative to create more affordable housing in the city, according to an article.

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Federal Housing Administration (FHA), and the Department of Veteran’s Affairs (VA), the CFPB can foster increased lending to lmi borrowers. relatedly, the "QM patch" grants QM status to loans eligible for GSE purchase, but is set to expire at the earlier of January 2021 or the date on which the GSEs exit conservatorship.

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The QM Patch’s Impact on Affordable Housing "If we had to extend the QM patch, I would consider that to be a failure on the part of Washington regulators," he said. Risk inherent in lending to more leveraged borrowers may be exacerbated when they are buying in severely supply-constrained housing markets, as exist widely today.

There are many considerations when it comes to the QM Patch’s removal, including the extent to which Fannie needs to make high DTI loans to fulfill its affordable housing mission and the fact that some analysts have been concerned that removing the patch could lead to lower revenue and profit, depending on how the GSEs handle it.

 · The CFPB’s decision to end the QM patch for GSEs is a step toward ensuring taxpayers are protected. I look forward to working with this Administration to find a long-term solution that ensures access to affordable housing for all Americans,” McHenry said.

2019 Solutions for Affordable Housing; 47th Annual Housing Visionary Awards Gala. has issued an Advanced Notice of Proposed Rulemaking that could have a chilling impact on mortgages for first time. This unique treatment of Fannie and Freddie loans is called the QM Patch and the CFPB’s.