USMI Comment Letter on Credit Risk Retention Rule
USMI joined with several other housing and finance organizations to submit a comment letter to banking and housing regulators on June 11, providing observations and recommendations with respect to the review of certain provisions of the Credit Risk Retention Rule. The rule was issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development. Following careful analysis of the changes issued by the CFPB in its final QM rule, the organizations expressed strong support for the continued alignment of the QRM and QM frameworks. The letter affirms that the alignment between these frameworks facilitate a stable housing market and ensures access to conventional mortgage credit for borrowers across the country, including low‐ and moderate‐income and underserved households, and first‐time homebuyers.