Qualified mortgage rules

Mick Mulvaney’s recent comments about the CFPB Qualified Mortgage rule have triggered a debate over whether regulators should take into account more than one underwriting model.

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators.