A GAO report finds that new qualified mortgage (QM) and qualified residential mortgage (QRM) regulations are unlikely to fundamentally alter lending because most loans originated in recent years largely conformed with QM criteria. The QM regulations, which address lenders’ responsibilities to determine a borrower’s ability to repay a loan, set forth standards that include prohibitions on risky loan features and limits on points and fees. GAO predicts limited effects on the availability of mortgages for most borrowers and that any cost increases for borrowers, lenders and investors would mostly stem from litigation and compliance issues. The report noted that, although initial effects are expected to be limited, it is currently unable to predict long-term outcomes.