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CFPB | RIN: 3170-AA98 | Publication ID: Fall 2019 |
Title: ●Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z) | |
Abstract:
In July 2019, the Bureau of Consumer Financial Protection (Bureau) issued an Advance Notice of Proposed Rulemaking (ANPR) to solicit information about possible amendments to the qualified mortgage provisions of Regulation Z. 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” obtain certain protections from liability. One category of qualified mortgages (QMs) is 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). Under Regulation Z, this category of QMs (Temporary GSE QM loans) is scheduled to expire no later than January 10, 2021. The Bureau currently plans to allow the Temporary GSE QM loan category to expire and is considering whether to revise Regulation Z’s general qualified mortgage definition in light of this planned expiration. The Bureau is further considering a limited extension of the expiration date only as necessary to provide for a smooth and orderly transition away from the Temporary GSE QM loan category. In July 2019, the Bureau issued the ANPR to request information about issues related to the scheduled expiration of the Temporary GSE QM loan category. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
EO 13771 Designation: Independent agency | |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 U.S.C. 1639c(b)(3)(A), (B) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Small Entities Affected: Businesses | Federalism: Undetermined |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Mark Morelli Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700 |