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2020-10-24
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Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Extension of Sunset Date
Part IV
Rules and Regulations
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United States
Bureau of Consumer Financial Protection
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United States Government Agency or Subagency
With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any residential mortgage loan, and loans that meet Regulation Z's requirements for ``qualified mortgages'' (QMs) obtain certain protections from liability. One category of QMs consists of loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, government-sponsored enterprises, or GSEs), while operating under the conservatorship or receivership of the Federal Housing Finance Agency (FHFA). The GSEs are currently under Federal conservatorship. In 2013, the Bureau of Consumer Financial Protection (Bureau) established this category of QMs (Temporary GSE QM loans) as a temporary measure that would expire with respect to each GSE on the date that GSE exits conservatorship, or on January 10, 2021, whichever comes first. In this final rule, the Bureau amends Regulation Z to replace the January 10, 2021 sunset date of the Temporary GSE QM loan definition with a provision stating that the Temporary GSE QM loan definition will be available only for covered transactions for which the creditor receives the consumer's application before the mandatory compliance date of final amendments to the General QM loan definition in Regulation Z. This final rule does not amend the provision stating that the Temporary GSE QM loan definition expires with respect to a GSE when that GSE exits conservatorship.
85 FR 67938
https://www.govinfo.gov/app/details/FR-2020-10-26/2020-23540
2020-23540
fr26oc20-12
4810-AM-P
Docket No. CFPB-2020-0021
https://www.govinfo.gov/app/details/FR-2020-10-26/2020-23540
https://www.govinfo.gov/content/pkg/FR-2020-10-26/html/2020-23540.htm
https://www.govinfo.gov/content/pkg/FR-2020-10-26/pdf/2020-23540.pdf
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23 p.
67938
67960
85 FR 67938
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Extension of Sunset Date; Federal Register Vol. 85, Issue
RULE
2020-23540
IV
BUREAU OF CONSUMER FINANCIAL PROTECTION
2020-12-28
Docket No. CFPB-2020-0021
4810-AM-P
2020-23540
Final rule; official interpretation.
With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any residential mortgage loan, and loans that meet Regulation Z's requirements for ``qualified mortgages'' (QMs) obtain certain protections from liability. One category of QMs consists of loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, government-sponsored enterprises, or GSEs), while operating under the conservatorship or receivership of the Federal Housing Finance Agency (FHFA). The GSEs are currently under Federal conservatorship. In 2013, the Bureau of Consumer Financial Protection (Bureau) established this category of QMs (Temporary GSE QM loans) as a temporary measure that would expire with respect to each GSE on the date that GSE exits conservatorship, or on January 10, 2021, whichever comes first. In this final rule, the Bureau amends Regulation Z to replace the January 10, 2021 sunset date of the Temporary GSE QM loan definition with a provision stating that the Temporary GSE QM loan definition will be available only for covered transactions for which the creditor receives the consumer's application before the mandatory compliance date of final amendments to the General QM loan definition in Regulation Z. This final rule does not amend the provision stating that the Temporary GSE QM loan definition expires with respect to a GSE when that GSE exits conservatorship.
This rule is effective December 28, 2020.
Ben Cady, Counsel; or David Friend or Priscilla Walton-Fein, Senior Counsels, Office of Regulations, at 202- 435-7700. If you require this document in an alternative electronic format, please contact CFPB_Accessibility@cfpb.gov.
Advertising
Banking
Banks
Consumer Protection
Credit
Credit Unions
Mortgages
National Banks
Reporting and Recordkeeping Requirements
Savings Associations
Truth-in-Lending
Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z):
Extension of Sunset Date,
CFPB_Accessibility@cfpb.gov
https://content.govdelivery.com/accounts/USDARD/bulletins/29c3a9e
https://entp.hud.gov/idapp/html/hicostlook.cfm
https://files.consumerfinance.gov/f/documents/cfpb_ability-to-repay-qualified-mortgage_assessment-report.pdf
https://files.consumerfinance.gov/f/documents/cfpb_new-revised-data-points-in-hmda_report.pdf
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https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Addresses-Servicer-Liquidity-Concerns-Announces-Four-Month-Advance-Obligation-Limit-for-Loans-in-Forbearance.aspx
https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-Foreclosure-and-REO-Eviction-Moratoriums.aspx
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https://www.insidemortgagefinance.com/articles/217623-non-agency-mbs-issuance-slowed-in-first-quarter
https://www.insidemortgagefinance.com/articles/217636-fhava-lenders-raise-fico-credit-score-requirements
https://www.insidemortgagefinance.com/articles/218028-jumbo-originations-drop-nearly-22-in-first-quarter
https://www.insidemortgagefinance.com/articles/218034-non-agency-mortgage-securitization-opening-up-after-pause
https://www.insidemortgagefinance.com/articles/218696-non-qm-lenders-regaining-footing-with-a-positive-outlook
https://www.insidemortgagefinance.com/articles/218973-non-agency-mbs-issuance-slow-in-mid-august
https://www.mba.org/2020-press-releases/october/share-of-mortgage-loans-in-forbearance-declines-to-632
https://www.urban.org/sites/default/files/publication/101926/housing-finance-at-a-glance-a-monthly-chartbook-march-2020.pdf
https://www.urban.org/sites/default/files/publication/102776/august-chartbook-2020.pdf
Federal Register
Vol. 85, no. 207
Office of the Federal Register, National Archives and Records Administration
2020-10-26
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https://www.govinfo.gov/app/details/FR-2020-10-26
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