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VA

RIN: 2900-AO65

Publication ID: Spring 2014

Title: Loan Guaranty: Ability-to-Repay Standards and Qualified Mortgage Definition Under the Truth in Lending Act
Abstract: The Department of Veterans Affairs (VA) is amending its 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 protections or the presumption that the borrower is able to repay a loan, in accordance with regard to the new Ability to Repay provisions. The rule does 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.
Agency: Department of Veterans Affairs(VA)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Yes	Unfunded Mandates: No
CFR Citation: 38 CFR 36.4340
Legal Authority: 38 USC 501    PL 111-203

Legal Deadline:  None

Timetable: Action Date FR Cite Interim Final Rule  07/00/2014

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
Public Comment URL: www.regulations.gov
RIN Data Printed in the FR: No
Agency Contact: John Bell III Assistant Director for Loan Policy and Valuation (262) Department of Veterans Affairs 810 Vermont Avenue NW., Washington, DC 20420 Phone:202 632-8786 Email: john.bell2@va.gov