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ABA: The American Bankers Association
Issue

Ability to Repay and "Qualified Mortgage" Exemption

Restructuring Qualified Mortgages as a Legal Safe Harbor

ABA Position

ABA supports the Ability-to-Repay Rule (ATR), which is intended to assure that consumers receive residential mortgage loans on terms that are fair and reasonably reflect their ability to repay. ABA banks embrace safe and sound lending practices, and markets in which well-crafted rules support effective consumer protection, access to affordable financing, and sustainable homeownership.

ABA advocated in favor of recent reforms to the ATR’s Qualified Mortgage (QM) provisions, and we believe the December 2020 amendments will go a long way to promote access to credit for all communities in a safe and sustainable way. These important modifications to the ATR-QM rule will improve the effectiveness of the law, enhance competition and market innovation, and mitigate negative impacts caused by the pending lapse of the temporary GSE Patch.
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Joe Pigg

Joe Pigg

Senior Vice President & Senior Counsel, ESG & Mortgage Finance

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Rod Alba

Rod Alba

Senior Vice President, Real Estate Finance

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(202) 663-5468

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