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
Birthing HUD’s Proposed Rule
Safe Harbor and Rebuttable Presumption of Compliance
Safe Harbor Qualified Mortgage
Rebuttable Presumption Qualified Mortgage
Comparing the HUD QM to the CFPB QM
Ratios: HUD and the CFPB
Higher-Priced Covered Transactions
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