TopMortgage Compliance Update (1)

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.



Jonathan Foxx

President & Managing Director


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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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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