2900-AO65 201610 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 2900 Department of Veterans Affairs VA Loan Guaranty: Ability-to-Repay Standards and Qualified Mortgage Definition Under the Truth in Lending Act

The interim final rule amended the Department of Veterans Affairs (VA) Loan Guaranty regulations to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requiring that VA define the types of VA loans that are "qualified mortgages" for the purposes of the new Ability to Repay provisions of the Truth in Lending Act. This rule establishes which VA-guaranteed loans are to be considered "qualified mortgages" and have either safe harbor protection or the presumption that the borrower is able to repay a loan, in accordance with the new Ability to Repay provisions. The rule did not change VA’s regulations or policies with respect to how lenders are to originate mortgages, except to the extent lenders want to make qualified mortgages. VA will respond to public comments in the final rule.

]]> Economically Significant Previously Published in The Unified Agenda Final Rule Stage Yes No 38 CFR 36.4300 38 CFR 36.4340 38 CFR 36.4500 38 CFR 36.4501 38 U.S.C. 501 15 U.S.C. 1639C(a)(5) 15 USC 1639C(b)(3)(B)(ii) 38 U.S.C. 3710 38 U.S.C. 3720 38 U.S.C. 3733 No Interim Final Rule 05/09/2014 79 FR 26620 Interim Final Rule Effective 05/09/2014 Interim Final Rule Comment Period End 06/09/2014 Final Rule 03/00/2017 No No None No No www.regulations.gov No No John Bell III Assistant Director for Loan Policy and Valuation (262) 2900 Department of Veterans Affairs VA 202 632-8786 john.bell2@va.gov 810 Vermont Avenue NW., Washington DC 20420