NAR Statement on the Qualified Mortgage Rule

WASHINGTON, D.C. – January 11, 2012 – (RealEstateRama) — “The National Association of Realtors® applauds the Consumer Financial Protection Bureau for creating a broadly defined Qualified Mortgage rule that establishes strong consumer protections while ensuring continued access to safe, affordable mortgage credit.

“NAR forged a coalition of partners that urged regulators to honor Congressional intent by crafting a broad QM and we are pleased that the rule encompasses the vast majority of the safe, high quality lending being done today. We will continue to work closely with the CFPB to ensure that the cap on fees doesn’t restrict consumers’ mortgage options, but believe today’s QM rule is a positive step to bringing certainty to the housing finance system.

“Realtors® urge regulators to mirror the forthcoming Qualified Residential Mortgage rule after the QM rule to ensure affordable credit remains available to qualified borrowers.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Media Contact: Sara Wiskerchen / 202-383-1013

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With more than 1.3 million members, the National Association of REALTORS (NAR) is the voice for real estate. Visit REALTOR.org to see how our real estate resources can benefit you.

REALTOR® magazine (http://www.realtor.org/realtormag) is the official magazine of the NATIONAL ASSOCIATION OF REALTORS® and the business tool for real estate professionals.

The magazine advances real estate best practices, brings expert insight to significant trends, and provides REALTORS® with timely decision-making tools on business purchases and strategies.

Contact:

Walt Molony
202/383-1177

1-800-874-6500

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