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ARTICLE · 22 JANUARY 2021

CFPB Amends Ability-To-Repay/Qualified Mortgage Rule

Holland & Knight
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The Consumer Financial Protection Bureau (CFPB) recently published two final rules revising its Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule).

United StatesFinance and Banking
Bob Jaworski
Bob Jaworski
Leonard A. Bernstein
Leonard A. Bernstein
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Highlights

  • The Consumer Financial Protection Bureau (CFPB) recently published two final rules revising its Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule).
  • The ATR/QM Rule generally requires lenders, before making a residential mortgage loan to a consumer, to make a reasonable good faith determination of the consumer's ability to repay the loan according to its terms.
  • One of the two final rules (Amended General QM Rule) modifies the requirements for a loan to qualify as a general qualified mortgage (General QM) as well as certain other provisions in the ATR/QM Rule and eliminates the government-sponsored enterprise qualified mortgage (GSE QM) category. The other final rule (Seasoned QM Rule) adds a new QM category (Seasoned QMs). Both final rules become effective on March 1, 2021.

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