In a comment letter to the CFPB today, ABA supported a recent proposal to create a new category of “seasoned” qualified mortgages.
Browsing: Ability to repay and qualified mortgage
In a comment letter to the CFPB yesterday, the American Bankers Association offered support for recent proposals that would make changes to the Qualified Mortgage rule and ultimately allow the temporary “GSE patch”—which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac—to expire once the changes take effect.
The Consumer Financial Protection Bureau today proposed to create a new category of “seasoned” qualified mortgages.
ABA yesterday welcomed the Consumer Financial Protection Bureau’s proposal to extend the temporary “GSE patch”—which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Me or Freddie Mac—until the bureau’s proposed QM rule changes are finalized and take effect.
The Consumer Financial Protection Bureau this week announced updates to its rulemaking agenda. Items on the agenda and their associated timelines were submitted to the Office of Management and Budget in early March, prior to the outbreak of the coronavirus and the subsequent economic downturn.
The Consumer Financial Protection Bureau today took a significant step to revise its Qualified Mortgage rule, issuing a proposal to replace the use of the 43% debt-to-income ratio as a QM qualification standard with a price-based approach.
The Coalition for Sensible Housing Policy—a broad group of financial, housing and community development stakeholders including ABA—yesterday wrote to the federal banking agencies urging them to delay the conclusion of a mandated review of the “qualified residential mortgage” definition and related provisions of the credit risk retention rule.
As the American Bankers Association has long anticipated, CFPB Director Kathy Kraninger signaled in a letter to lawmakers last week that her agency will extend the temporary “GSE patch,” which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac.
Six federal regulatory agencies are commencing a mandated review of the Dodd-Frank Act’s mortgage risk retention rule, which was finalized in 2014.
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.