In the August 28, 2020 issue of the Federal Register (85 FR 53568, click here), the Consumer Financial Protection Bureau (CFPB) published a proposed rule, with a request for public comment, that would create a new category of qualified mortgages in §1026.43(e)(7) for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements, called a “Seasoned QM”.
Full Memorandum
