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CBA Issues White Paper Advocating CFPB s Use Of Rulemaking And Guidance In Lieu Of Regulation By Enforcement
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Gary Acosta
“Despite significant headwinds, [Hispanics] drove homeownership growth in America for the sixth consecutive year,” NAHREP Co-Founder and CEO Gary Acosta said in a press release. “This was especially consequential in 2020 because it was housing more than any other sector that pulled the country out of the coronavirus-induced recession.”
NAHREP said the boom can be attributed to generational, educational and financial trends that have pushed Hispanic homebuyers to the forefront of the battle to raise the U.S.’s stagnant homeownership rate.
“The overwhelming amount of [Hispanics] aging into prime home-buying years remains the biggest catalyst for homeownership growth,” the report read. “With a median age of 29.8, Latinos are almost 14 years younger than the non-Hispanic White population. In 2020, nearly half (43.6 percent) of Latino homebuyers were under the age of 34 compared to 37.3 percent of the general population.”
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On March 3, 2021, the CFPB released a notice of proposed rulemaking (NPRM) which proposes to delay the mandatory compliance date of the final rule the agency previously issued on December 10, 2020, that revised the general Qualified Mortgage (QM) requirements (Revised General QM Rule). If finalized, the NPRM would move the mandatory compliance date for the Revised General QM Rule from July 1, 2021, to October 1, 2022.
Significantly, if the NPRM is finalized, it will permit lenders to offer consumers both QMs that: (1) meet the Current General QM Rule requirements (necessitating, among other factors, a QM to have a debt-to-income ratio not exceeding 43%, consistent with Appendix Q), and (2) meet the Revised General QM Rule requirements (necessitating, among other factors, a QM to meet specified pricing thresholds). Under the NPRM, loan applications for QMs under the Current General QM Rule may be received beginning Mar
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