Bankers and other lenders are pressing the Consumer Financial Protection Bureau to delay implementation of its "qualified mortgage" rule, but the agency has given no signal it will delay the Jan. 10 deadline.
Bankers are warning the CFPB that they won't be ready by the January implementation date as many are still waiting for vendors to update their systems.
"Very few institutions, in my view, are really ready for the QM, and they have a long way to go before they have completely" complied, said Paul Noring, a managing director in the valuations practice at Navigant Capital Advisors, which is owned by a service provider. The industry is "really hoping there's a year extension because people have been inundated with regulatory changes over the last few years."
"Although the industry welcomes the additional explanations from the agency, each change requires an update to their mortgage systems, operations and staff," writes American Banker's Rachel Witkowski.
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