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CFPB to Extend Comment Period for Notice of Proposed Rulemaking on New Category of Qualified Mortgages

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) is extending the comment period on its notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) by three days, from September 28, 2020 to October 1, 2020 in order to accommodate for the Yom Kippur Jewish holiday.

On August 18, 2020, the Bureau issued a press release announcing the NPRM to create Seasoned QMs as a way to encourage innovation and help ensure access to responsible, affordable credit in the mortgage market.

The comment period extension notice can be found here: https://files.consumerfinance.gov/f/documents/cfpb_qm-loan-definition-extension-of-comment-period_2020-09.pdf .

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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.