Although the title of the hearing implied a current problem, the purpose of the Subcommittee session was to determine if the proposed CFPB rule on qualified mortgages would affect the mortgage market when it becomes effective on January 1, 2014. At the hearth of the issues is a requirement that the lender determine if the borrower has the ability to repay the loan. If the lender does so properly, it will enjoy legal protections. Failure to properly identify a borrower's ability to repay could expose the lender to civil litigation
