Next week, NAMB is going to visit to the CFPB in an attempt to open their eyes to the damage that a couple QM items will cause. One of the items will be the 3% cap. They're going to see if it can either get eliminated or bumped to 5% in order to make lending more accessible to lower income families.
As it stands with the QM rule right now, it is going to force the majority of brokers to go out of business, become creditors, or join large nondepository lenders because brokers are required to provide a credit while nondepositories lenders are not required to when rate sheet pricing exceeds compensation agreements. Basically, they just get to keep the money.
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