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Browsing: Ability to repay and qualified mortgage
ABA, Groups Urge Regulators to Maintain QRM, QM Alignment
As the federal banking agencies undertake a mandated review of the “qualified residential mortgage” definition and related provisions of the credit risk retention rule, the American Bankers Association and several other financial and housing groups yesterday emphasized their strong support for the “continued alignment of the QRM and [Qualified Mortgage] frameworks,” in light of the CFPB’s recently finalized QM rule, noting that not doing so would unnecessarily restrict credit, particularly to low- to moderate income borrowers.
CFPB Extends Mandatory Compliance Date for QM Rule; GSE Patch Remains in Effect
As expected, the Consumer Financial Protection Bureau today proposed to delay the mandatory compliance date of the General Qualified Mortgage final rule from July 1, 2021, to Oct. 1, 2022.
CFPB Nominee Has ‘Open Mind’ About Potential QM Rule Changes
At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules.
CFPB Issues Statement on QM Rule Compliance Deadlines
As the Consumer Financial Protection Bureau considers whether to revisit its recent final rules regarding the definition of Qualified Mortgage and the establishment of a “seasoned QM” category of loans, it issued a statement today addressing the compliance deadlines associated with these rules.
Acting CFPB Director Seeks to ‘Preserve Status Quo’ on QM, Debt Collection
Acting Consumer Financial Protection Bureau Director Dave Uejio today signaled that the bureau may move to reconsider recent final rulemakings on Qualified Mortgages and debt collection.
CFPB Finalizes Changes to QM Standard, Creates ‘Seasoned QM’ Category
The Consumer Financial Protection Bureau today wrapped up its efforts to revise the Qualified Mortgage standard by issuing final rules defining both the general QM category and a “seasoned” QM standard for certain portfolio loans.
CFPB Finalizes Extension to GSE QM Patch
The CFPB today finalized a rule extending the temporary “GSE patch,” which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac, until the QM rule changes are finalized and take effect.
ABA Supports New Proposed QM Category
In a comment letter to the CFPB today, ABA supported a recent proposal to create a new category of “seasoned” qualified mortgages.
ABA Supports Proposed Qualified Mortgage Rule Changes
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.