HousingWire – Megan Hopkins
The qualified mortgage rule’s full impact on home lending remains somewhat of a mystery, but lawmakers and industry professionals debated the rule’s potential influence on the home lending market during a House Subcommittee hearing Tuesday. Industry experts testified in front of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, sharing fears about certain borrowers being locked out of the lending system. "We need to make sure we have a financial system that allows access to credit for low and moderate income households," said Member Gregory Meeks."The housing sector is vital to our economic recovery." Committee member Rep. Sean Duffy, R-Wis., said his main concern is how the ability-to-repay standards in addition to the QM rule will affect his constituents’ ability to get a mortgage.