United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2013_register executive 2013-12-11 article Rules and Regulations D09002ee1c7faadcc D09002ee1c7faaeaf United States Department of Housing and Urban Development originator org United States Government Agency or Subagency Through this final rule, HUD establishes a definition of "qualified mortgage" for the single family residential loans that HUD insures, guarantees, or administers that aligns with the statutory ability-to-repay criteria of the Truth-in-Lending Act (TILA) and the regulatory criteria of the definition of "qualified mortgage" promulgated by the Consumer Financial Protection Bureau (CFPB). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) created new section 129C in TILA, which establishes minimum standards for considering a consumer's repayment ability for creditors originating certain closed-end, dwelling-secured mortgages, and generally prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and good-faith determination of a consumer's ability to repay the loan according to its terms. Section 129C authorizes the agency with responsibility for compliance with TILA, which is CFPB, to issue a rule implementing these requirements, and the CFPB has issued its rule implementing these requirements. The Dodd-Frank Act also charges HUD and three other Federal agencies with prescribing regulations defining the types of loans that these Federal agencies insure, guarantee, or administer, as may be applicable, that are qualified mortgages. Through this rule, HUD complies with this statutory directive for the single family residential loans that HUD insures, guarantees, or administers. 78 FR 75215 https://www.govinfo.gov/app/details/FR-2013-12-11/2013-29482 2013-29482 fr11de13-1 RIN 2502-AJ18 4210-10-P Docket No. FR 5707-F-02 https://www.govinfo.gov/app/details/FR-2013-12-11/2013-29482 https://www.govinfo.gov/content/pkg/FR-2013-12-11/html/2013-29482.htm https://www.govinfo.gov/content/pkg/FR-2013-12-11/pdf/2013-29482.pdf Indians Loan Programs-Indians Loan Programs-Native Hawaiians Native Hawaiians Claims Health Facilities Historic Preservation Home Improvement Loan Programs-Housing and Community Development Manufactured Homes Mortgage Insurance Reporting and Recording Requirements Hawaiian Natives Indians-Lands Reporting and Recordkeeping Requirements Solar Energy 24 p. 75215 75238 78 FR 75215 Title 24 Part 1005 24 CFR Part 1005 Title 24 Part 1007 24 CFR Part 1007 Title 24 Part 201 24 CFR Part 201 Title 24 Part 203 24 CFR Part 203 RIN 2502-AJ18 Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages; Federal Register Vol. 78, Issue RULE 2013-29482 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2014-01-10 Docket No. FR 5707-F-02 4210-10-P 2013-29482 Final rule.

Through this final rule, HUD establishes a definition of "qualified mortgage" for the single family residential loans that HUD insures, guarantees, or administers that aligns with the statutory ability-to-repay criteria of the Truth-in-Lending Act (TILA) and the regulatory criteria of the definition of "qualified mortgage" promulgated by the Consumer Financial Protection Bureau (CFPB). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) created new section 129C in TILA, which establishes minimum standards for considering a consumer's repayment ability for creditors originating certain closed-end, dwelling-secured mortgages, and generally prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and good-faith determination of a consumer's ability to repay the loan according to its terms. Section 129C authorizes the agency with responsibility for compliance with TILA, which is CFPB, to issue a rule implementing these requirements, and the CFPB has issued its rule implementing these requirements. The Dodd-Frank Act also charges HUD and three other Federal agencies with prescribing regulations defining the types of loans that these Federal agencies insure, guarantee, or administer, as may be applicable, that are qualified mortgages. Through this rule, HUD complies with this statutory directive for the single family residential loans that HUD insures, guarantees, or administers.

Effective Date: January 10, 2014. Michael P. Nixon, Office of Housing, Department of Housing and Urban Development, 451 7th Street SW., Room 9278, Washington, DC 20410; telephone number 202-402-5216, ext. 3094 (this is not a toll-free number). Persons with hearing or speech impairments may access this number through TTY by calling the Federal Relay Service at 800-877-8339 (this is a toll-free number). Indians Loan Programs-Indians Loan Programs-Native Hawaiians Native Hawaiians Claims Health Facilities Historic Preservation Home Improvement Loan Programs-Housing and Community Development Manufactured Homes Mortgage Insurance Reporting and Recording Requirements Hawaiian Natives Indians-Lands Reporting and Recordkeeping Requirements Solar Energy Qualified Mortgage Definitions: HUD Insured and Guaranteed Single Family Mortgages , http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh/4155.1 http://portal.hud.gov/hudportal/HUD?src=/program_offices/general_counsel/Review_of_Regulations http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/lmmltrs www.regulations.gov Vol. 78, no. 238 Office of the Federal Register, National Archives and Records Administration 2013-12-11 continuing daily deposited born digital 244 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2013-12-11 P0b002ee186831a80 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr11de13 https://www.govinfo.gov/app/details/FR-2013-12-11 https://www.govinfo.gov/content/pkg/FR-2013-12-11/pdf/FR-2013-12-11.pdf https://www.govinfo.gov/content/pkg/FR-2013-12-11/xml/FR-2013-12-11.xml fdlp 75215 75448 DGPO 2013-12-11 2024-06-03 FR-2013-12-11 machine generated eng FR FR-2013-12-11 78 238