FR 5707–P–01 Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages

Docket ID: HUD-2013-0093
Agency: Department of Housing and Urban Development (HUD)
This rule would prescribe standards for meeting the definition of a qualified mortgage for loans insured under the National Housing Act (12 U.S.C. 1707 et seq.), as required by the Dodd-Frank Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) created new section 129C in the Truth-in-Lending Act (TILA), which establishes minimum standards for consideration of a consumer's repayment ability for creditors originating certain closed-end, dwelling-secured mortgages and generally prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and good faith determination of a consumer's ability to repay the loan according to its terms. Section 129C provides lenders more certainty about meeting the ability-to-repay requirements when lenders make "qualified mortgages," which are presumed to meet the requirements. Section 129C authorizes the agency with responsibility for compliance with TILA, to issue a rule implementing these requirements. The CFPB rule established two categories, a safe harbor qualified mortgage that is conclusively presumed to meet the ability to repay requirements, and a rebuttable presumption qualified mortgage. The Dodd-Frank Act also charges HUD, and certain other Federal agencies, to prescribe rules defining the types of loans that these federal agencies insure, guarantee, or administer, as applicable, that are qualified mortgages. HUD's rule would replace Consumer Financial Protection Bureau's (CFPB) definition of a "qualified mortgage" for loans insured under the National Housing Act. The rule would establish two subsets of FHA-insured "qualified mortgages": a "rebuttable presumption qualified mortgage" and a "safe harbor qualified mortgage."
RIN: 2502-AJ18
Impacts and Effects: None
CFR Citation: 24 CFR 203
Priority: Other Significant
UA and Regulatory Plan Information open glossary dialog  
Publication Period: Spring 2014
Agenda Stage of Rulemaking: Completed Action
Major Rule: No
Legal Authorities: 12 USC 1701z-11(e), 1709(c)(1), 1713 and 1715(b), 42 USC 3535(d), 15 USC 1639c
Legal Deadlines: None
Government Levels Affected: No
Federalism Implications: No
Unfunded Mandates: No
Requires Regulatory Flexibility Analysis: No
Small Entities Affected: No
International Impacts: No
Energy Effects: No
Included in Regulatory Plan: No
ActionDateFR Citation
NPRM09/30/201378 FR 59890
Public Comment Deadline10/30/2013
Final Action12/11/201378 FR 75215
Final Action Effective01/10/2014
Docket Details open glossary dialog  
Related RINs: None
Related Dockets: None
Type: Rulemaking

Primary Documents

View All  (3)
Comment Period Closed
Oct 30, 2013 11:59 PM ET
Proposed Rule
Posted: 10/23/2013
ID: HUD-2013-0093-0009
Comment Period Closed
Oct 30, 2013 11:59 PM ET
Proposed Rule
Posted: 09/30/2013
ID: HUD-2013-0093-0001

Supporting Documents

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Comments Not Accepted
Supporting & Related Material
Posted: 12/13/2013
ID: HUD-2013-0093-0075
Comments Not Accepted
Supporting & Related Material
Posted: 10/21/2013
ID: HUD-2013-0093-0007
Comments Not Accepted
Supporting & Related Material
Posted: 10/21/2013
ID: HUD-2013-0093-0008


View All  (67)

Comments Received*
Regulatory Timeline
Pre Rule
Current Stage
Proposed Rule
Current Stage
Final Rule
Current Stage
Current Stage
Agency Contact
Michael P. Nixon
Office of Housing
202 402-5216, 3094
451 7th Street SW., Washington, DC 20410
Washington, DC 20410
*This count refers to the total comment/submissions received on this docket, as of 11:59 PM yesterday. Note: Agencies review all submissions, however some agencies may choose to redact, or withhold, certain submissions (or portions thereof) such as those containing private or proprietary information, inappropriate language, or duplicate/near duplicate examples of a mass-mail campaign. This can result in discrepancies between this count and those displayed when conducting searches on the Public Submission document type. For specific information about an agency’s public submission policy, refer to its website or the Federal Register document.