In an announcement published in the November 3, 2014 Federal Register (79 FR 65140, click here), the FHA announced that it is not adopting the CFPB’s recently issued qualified mortgage points and fees cure amendments for FHA insured loans. Recall that in the December 11, 2013 Federal Register, FHA published a final rule establishing a definition of “qualified mortgage” for single family residential mortgages that FHA insures, guarantees, or administers (78 FR 75215, click here). The announcement states that FHA cannot adopt the CFPB’s cure amendments published November 3, 2014 (79 FR 65300, click here) for the following reasons: • The CFPB’s cure amendments require that the cured loan meet CFPB’s qualified mortgage definition in order to qualify for the cure, but FHA has codified its own definition, which differs (see, 24 CFR 201.7, 203.19, 1005.120 and 1007.80).

Complete Memorandum