This is from the CFPB Guide:
Loans falling under the Temporary QM definition must meet the same requirements as General QM loans regarding prohibitions on risky features (negative-amortization, interest-only, and balloon-payment features), a maximum loan term of 30 years, and points-and-fees restrictions.
They must also meet at least one of these additional requirements:
 Eligible for purchase or guarantee by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) while operating under federal conservatorship or receivership
 Eligible for Federal Housing Administration (FHA) insurance Implementation Tip: When appendix Q does not resolve how a specific type of debt or income should be treated, creditors may rely on guidelines of the GSEs or certain federal agencies (listed below under “Temporary QM definition”) to resolve the issue. However, a creditor may not rely on GSE or agency guidelines where such guidelines are in conflict with appendix Q standards.
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 Eligible to be guaranteed by the U.S. Department of Veterans Affairs (VA)
 Eligible to be guaranteed by the U.S. Department of Agriculture (USDA)
 Eligible to be insured by the Rural Housing Service
Eligibility for purchase or guarantee by a GSE or insurance or guarantee by an agency can be established based on the following methods:
 Valid recommendation from a GSE Automated Underwriting System (AUS) or an AUS that relies on an agency underwriting tool
 GSE or agency guidelines contained in official manuals
 Written agreements between a GSE or agency and the creditor (or a direct sponsor or aggregator of the creditor)
 Individual loan waivers from a GSE or agency
To meet the Temporary QM definition, loans must be underwritten using the required guidelines of the entities above, including any relevant DTI guidelines. They do not have to meet the 43 percent debt-to-income ratio threshold that applies to General QM loans.
The creditor does not have to satisfy GSE or agency standards which are wholly unrelated to the credit risk or underwriting of the loan or any standards which apply after the consummation of the loan.
Hope this helps.
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Nonsense wakes up the brain cells.
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