CUNA supports the Consumer Financial Protection Bureau’s (CFPB) proposed “Seasoned” Qualified Mortgage (QM) to aid in the expansion of the residential mortgage market. The CFPB has proposed to proposed rulemaking to create a new category of QMs, Seasoned QMs, for first-lien, fixed-rate covered transactions that meet certain performance requirements over a 36-month seasoning period.
“The potential of a Seasoned QM category to aid in the expansion of the residential mortgage market in a manner that balances consumer access to affordable credit with meaningful consumer protections is an appropriate use of the CFPB’s rulemaking authority and consistent with its statutory mission,” the letter reads.
CUNA also recommends the CFPB: