Search Results for keywords:"Seasoned QM Loan Definition"

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Search Results: keywords:"Seasoned QM Loan Definition"

  • Type:Rule
    Citation:86 FR 8283
    Reading Time:about a minute or two

    The Bureau of Consumer Financial Protection issued a correction to a previously published rule regarding the definition of a Qualified Mortgage under the Truth in Lending Act, which appeared in the Federal Register on December 29, 2020. The correction fixes a minor error in the wording of an amendatory instruction related to the regulation that guides mortgage definitions. The change will become effective on March 1, 2021. For further details, individuals can contact Amanda Quester at the Bureau of Consumer Financial Protection.

    Simple Explanation

    The Bureau of Consumer Financial Protection found a small mistake in its previous instructions about what makes a mortgage "qualified" and fixed it, so everything is clear when people read the rules about loans.