Comments Due to NAFCU: CFPB - Seasoned Qualified Mortgage Definition

Important Regulatory Dates Add to Calendar 2020-09-25 17:00:00 2020-09-25 17:00:00 Comments Due to NAFCU: CFPB - Seasoned Qualified Mortgage Definition NAFCU would like to highlight the following: A Seasoned QM will receive safe harbor QM status if the loan includes restrictions on product features and points and fees and meets certain underwriting and performance requirements after a 36-month seasoning period. During the seasoning period, a loan cannot have two delinquencies of 30 days or more, and no delinquencies of 60 or more days. A Seasoned QM must be held in portfolio for 36 months. Comments due to NAFCU: September 25, 2020 Comments due to CFPB: September 28, 2020 Comment now   NAFCU will send comments on behalf of its members to the NCUA by their deadline (September 25, 2020). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • A Seasoned QM will receive safe harbor QM status if the loan includes restrictions on product features and points and fees and meets certain underwriting and performance requirements after a 36-month seasoning period.
  • During the seasoning period, a loan cannot have two delinquencies of 30 days or more, and no delinquencies of 60 or more days. A Seasoned QM must be held in portfolio for 36 months.

Comments due to NAFCU: September 25, 2020

Comments due to CFPB: September 28, 2020

Comment now  

NAFCU will send comments on behalf of its members to the NCUA by their deadline (September 25, 2020).