QM Changes Considered

On July 25 the Consumer Financial Protection Bureau (CFPB) published a 30-page Advance Notice of Proposed Rulemaking (ANPR) 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 CFPB’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 consideration of the planned expiration and is issuing the ANPR to request information about possible revisions. The ANPR does not address the new QM option required by the Economic Growth, Regulatory Relief and Consumer Protection Act.
Comments will be accepted for 45 days following publication, which is expected soon.
The ANPR is available here.