Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z)

31 organizations filed 32 public comments on Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z), at the Consumer Financial Protection Bureau. The comment window closed 2507d ago.

Abstract

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 in January 2021 or after a short extension, if necessary, to facilitate a smooth and orderly transition away from the Temporary GSE QM loan category. 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 this ANPR to request information about possible revisions.

Commenters (31)

• National Consumer Law Center on behalf of its low income clientsunverified attribution

  2 filings · confidence 70%
• 717 Credit Unionunverified attribution

  1 filing · confidence 70%
• Angel Oak Capital LLCunverified attribution

  1 filing · confidence 70%
• California and Nevada Credit Union Leaguesunverified attribution

  1 filing · confidence 70%
• Cato Institutetrade assoc.

  1 filing · confidence 97%
• Community Home Lenders Associationtrade assoc.

  1 filing · confidence 85%
• Cooperative Credit Union Associationtrade assoc.

  1 filing · confidence 97%
• Credit Union National Associationtrade assoc.

  1 filing · confidence 97%
• Digital Federal Credit Unionunverified attribution

  1 filing · confidence 70%
• First National Bankunverified attribution

  1 filing · confidence 70%
• FirstBank Holding Companyunverified attribution

  1 filing · confidence 70%
• Heartland Credit Union Associationtrade assoc.

  1 filing · confidence 85%
• Housing Policy Counciltrade assoc.

  1 filing · confidence 85%
• International Bancshares Corporationunverified attribution

  1 filing · confidence 70%
• Iowa Bankers Associationtrade assoc.

  1 filing · confidence 85%
• Manufactured Housing Institutetrade assoc.

  1 filing · confidence 85%
• Mortgage Bankers Associationtrade assoc.

  1 filing · confidence 97%
• Mortgage Guaranty Insurance Corporationunverified attribution

  1 filing · confidence 70%
• National Association of Hispanic Real Estate Professionalstrade assoc.

  1 filing · confidence 85%
• National Association of Home Builderstrade assoc.

  1 filing · confidence 97%
• National Association of REALTORStrade assoc.

  1 filing · confidence 85%
• National Council of State Housing Agenciestrade assoc.

  1 filing · confidence 85%
• NATIONAL FAIR HOUSING ALLIANCEtrade assoc.

  1 filing · confidence 85%
• Ohio Credit Union Leaguetrade assoc.

  1 filing · confidence 97%
• on behalf of International Bancshares Corporationunverified attribution

  1 filing · confidence 70%
• Quantilytic LLCunverified attribution

  1 filing · confidence 70%
• Redwood Trust Incunverified attribution

  1 filing · confidence 70%
• Structured Finance Associationtrade assoc.

  1 filing · confidence 85%
• The Wisconsin Credit Union Leaguetrade assoc.

  1 filing · confidence 85%
• U.S. Senate Committee on Bankingtrade assoc.

  1 filing · confidence 85%
• Union Home Mortgageunverified attribution

  1 filing · confidence 70%