FannieMae has released a survey that indicates the CFPB’s Ability-to-Repay (“ATR”) and Qualified Mortgage (“QM”) rules will lead to increased lender costs.  Specifically, most firms (74%) reported that they expect their operational costs to increase as a result of QM rules. Lenders, on net, expect to tighten credit standards as a result of QM rules, with 36% of lenders reporting expected tightening and 6% of lenders reporting expected easing.  In addition, most lenders (80%) say they “do not plan to pursue non-QM loans” or prefer to “wait and see (business as usual). Larger lenders are more likely to pursue non-QM loans to increase their market share.