The Consumer Financial Protection Bureau's Director Richard Cordray said Monday that the agency has been in contact with vendors and they should be ready to comply with the qualified-mortgage rule by January.
"Those that are not ready will be at a huge competitive disadvantage," Cordray said during a Q&A session at the American Bankers Association's annual conference.
Cordray continued to say that examiners will make a sincere intention to deal fairly with those vendors who do their best to comply with the bureau's rules. "In the early months, if you are working aggressively with your vendor, we are not expecting perfection," he said.
In recent months, bankers have complained that vendor delays may interfere with their ability to comply with the CFPB's QM rules.
For the full piece see "Cordray: Vendors Not Ready for QM Face 'Huge Disadvantage'" (may require subscription).