Comments due on CFPB QM ANPR
The Bureau yesterday issued an Advance Notice of Proposed Rulemaking seeking comments relating to the scheduled January 10, 2021, expiration of the temporary qualified mortgage provision applicable to loans eligible for purchase or guarantee by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. That provision is in the Bureau’s Ability to Repay/Qualified Mortgage (ATR/QM) Rule (section 1026.43 of Regulation Z).
The Bureau is considering whether to propose revisions to Regulation Z's general qualified mortgage definition in light of that planned expiration and is issuing the ANPR to request information about possible revisions. Comments will be accepted for 45 days following publication.