Mortgage Regulation Developments: Qualified Mortgage Updates and Covid-19 Assistance

American Bar Association
18 minute read | April.28.2022

Throughout the past year, the Consumer Financial Protection Bureau ("CFPB") continued to actively issue rules and other guidance applicable to the mortgage industry. This survey highlights recent developments related to qualified mortgages ("QM"), specifically the publication of four final rules that extended the applicability of the Temporary Government-Sponsored Enterprise ("GSE") QM, updated the definition of General QM loans, added a new Seasoned QM loan category, and delayed the General QM mandatory compliance date. Additionally, the CFPB provided Covid-19 assistance by way of an interim final rule amending Regulation X regarding loss mitigation, a final Covid-19 focused mortgage servicing rule under Regulation X, and the release of a housing insecurity bulletin to provide guidance as servicers resume foreclosure activities.

Originally published in ABA; reprinted with permission.