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CFPB Issues “Seasoned Qualified Mortgage” Rule

January 4, 2021 By Stephen Ornstein

  A&B ABstract:  On December 10, 2020, the Consumer Financial Protection Bureau (CFPB) issued an innovative final rulemaking that creates a pathway to “safe harbor” Qualified Mortgage (QM) status for performing non-QM and “rebuttable presumption” QM loans that meet certain performance criteria portfolio requirements over a seasoning period of at least 36 months and that […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Mortgage Loans Tagged With: #QualifiedMortgage, QM

CFPB Retires the “QM Patch” and Revises QM Rules

December 28, 2020 By Stephen Ornstein

A&B ABstract: In a significant final rulemaking with potentially far-reaching consequences for the residential mortgage markets, the Consumer Financial Protection Bureau (“CFPB”) is terminating the “QM Patch” and significantly revising the criteria for what constitutes a qualified mortgage (“QM”) loan. Notably, in this rule, issued on December 10, 2020, the CFPB replaces the dreaded Appendix […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans Tagged With: #AbilitytoRepay, #QMPatch, #QualifiedMortgage

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