Blacks and Hispanics are likely to find it more difficult to obtain credit or face paying higher prices when the "qualified mortgage" rule goes fully into effect.

While the Consumer Financial Protection Bureau's new rule ostensibly takes effect in January, the agency has temporarily ensured that it will not impact minority borrowers by allowing any government-sponsored loan to be considered a "qualified mortgage." Once that provision expires, which could be extended for up to seven years, many minority borrowers would no longer qualify for QM status.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry