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ARTICLE · 06 AUGUST 2021

Agencies Still Pondering QRM

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The set of federal agencies tasked with determining which residential mortgage loans may be exempt from credit risk retention in securitizations are continuing to think about it.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
Laurence E. Platt
Laurence E. Platt
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The set of federal agencies tasked with determining which residential mortgage loans may be exempt from credit risk retention in securitizations are continuing to think about it. Late last month, the Securities and Exchange Commission, Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board, Federal Housing Finance Agency ("FHFA"), and the Department of Housing and Urban Development (together, the "Agencies") announced that they hope to have more answers by the end of this year. It seems likely those Agencies will continue to define those exempt mortgage loans (called "qualified residential mortgages," or "QRMs") in a manner that is fully aligned with the "qualified mortgage" ("QM") definition of the Consumer Financial Protection Bureau ("CFPB") (which interestingly is not among the Agencies tasked with the QRM/risk retention rules). If it were that easy, though, the Agencies probably would have done that by now. Of course, the

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