[Federal Register Volume 86, Number 37 (Friday, February 26, 2021)]
[Rules and Regulations]
[Page 11623]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03987]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1026


Public Statement on General QM and Seasoned QM Final Rules

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Public statement; status of published final rules.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) has 
released a public statement regarding the mandatory compliance date of 
the Bureau's General QM Final Rule and possible reconsideration of the 
General QM Final Rule and the Seasoned QM Final Rule.

DATES: The public statement was released on the Bureau's website on 
February 23, 2021.

FOR FURTHER INFORMATION CONTACT: Ben Cady, Mark Morelli, Amanda 
Quester, or Jane Raso, Senior Counsels, Office of Regulations, at 202-
435-7700. If you require this document in an alternative electronic 
format, please contact [email protected].

SUPPLEMENTARY INFORMATION: On December 10, 2020, the Bureau issued two 
final rules relating to the qualified mortgage (QM) definition under 
the Truth in Lending Act: A final rule entitled ``Qualified Mortgage 
Definition under the Truth in Lending Act (Regulation Z): General QM 
Loan Definition'' (General QM Final Rule) and a final rule entitled 
``Qualified Mortgage Definition under the Truth in Lending Act 
(Regulation Z): Seasoned QM Loan Definition'' (Seasoned QM Final 
Rule).\1\ March 1, 2021, is the effective date of both the General QM 
Final Rule and the Seasoned QM Final Rule. The Bureau also established 
a mandatory compliance date for the General QM Final Rule of July 1, 
2021.
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    \1\ 85 FR 86402 (Dec. 29, 2020); 85 FR 86308 (Dec. 29, 2020).
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    Another category of QMs currently available under Regulation Z 
consists of loans that are eligible for purchase or guarantee by either 
the Federal National Mortgage Association or the Federal Home Loan 
Mortgage Corporation (collectively, the GSEs), while operating under 
the conservatorship or receivership of the Federal Housing Finance 
Agency (FHFA) (Temporary GSE QM loan definition). Pursuant to a final 
rule issued on October 20, 2020, the Temporary GSE QM loan definition 
is scheduled to expire on (1) the mandatory compliance date of the 
General QM Final Rule or (2) with respect to each GSE when that GSE 
ceases to operate under the conservatorship of FHFA, whichever happens 
earlier.\2\
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    \2\ Qualified Mortgage Definition Under the Truth in Lending Act 
(Regulation Z): Extension of Sunset Date, 85 FR 67938 (Oct. 26, 
2020).
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    The Bureau is considering whether to initiate a rulemaking to 
revisit the Seasoned QM Final Rule. If the Bureau decides to do so, it 
expects that it will consider in that rulemaking whether any potential 
final rule revoking or amending the Seasoned QM Final Rule should 
affect covered transactions for which an application was received 
during the period from March 1, 2021, until the effective date of such 
a final rule.
    The Bureau also expects to issue shortly a proposed rule that would 
delay the July 1, 2021 mandatory compliance date of the General QM 
Final Rule. If such a proposed rule were finalized, creditors would be 
able to use either the current General QM loan definition or the 
revised General QM loan definition for applications received during the 
period from March 1, 2021, until the delayed mandatory compliance date. 
Furthermore, the Bureau anticipates that the Temporary GSE QM loan 
definition will remain in effect until the new mandatory compliance 
date, in accordance with the October 20, 2020 final rule described 
above, except that the Temporary GSE QM loan definition would expire 
with respect to a GSE if that GSE ceases to operate under 
conservatorship prior to the new mandatory compliance date.
    The Bureau will consider at a later date whether to initiate 
another rulemaking to reconsider other aspects of the General QM Final 
Rule.

    Dated: February 22, 2021.
David Uejio,
Acting Director, Bureau of Consumer Financial Protection.
[FR Doc. 2021-03987 Filed 2-23-21; 4:15 pm]
BILLING CODE 4810-AM-P