HUD's Safe and Rebuttable Qualified Mortgages

October 2, 2013

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The anxiously awaited Proposed Rule ("Rule") outlining the Qualified Mortgage for FHA loans was published in the Federal Register on September 30, 2013.

Given the bland, bureaucratic title

Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages

("Issuance"), HUD is submitting for public comment its definition of a "qualified mortgage" for the types of loans that HUD insures, guarantees, or administers that align with the statutory ability-to-repay ("ATR") criteria of the Truth-in-Lending Act ("TILA") and the regulatory criteria of the definition given by the Consumer Financial Protection Bureau ("CFPB"), without departing from HUD's statutory requirements.

The expiration of the comment period is October 30, 2013.

In this article, I will provide an overview of the Rule with respect to Title II mortgages of the National Housing Act.

I shall offer some practical insights relating to the potential consequences and implementation of the Rule for residential mortgage lenders and originators.

Regards,

Jonathan Foxx

President & Managing Director

IN THIS ARTICLE

Birthing HUD's Proposed Rule

Safe Harbor and Rebuttable Presumption of Compliance

Qualified Mortgage

Streamline Refinances

Safe Harbor Qualified Mortgage

Rebuttable Presumption Qualified Mortgage

Comparing the HUD QM to the CFPB QM

Liability Protection

Ratios: HUD and the CFPB

Higher-Priced Covered Transactions

Effective Date

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Qualified Mortgage Definition for HUD Insured
and Guaranteed Single Family Mortgages
Department of Housing and Urban Development
Proposed Rule
Federal Register, 78/189, 59890
September 30, 2013 / Proposed Rules

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This communication is sent to our valued clients and colleagues, who regularly receive our Mortgage Compliance Updates, Compliance Alerts, Commentaries, and related publications.

These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.

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