The new regulatory category would allow non-QMs to obtain QM status as long as they meet certain performance requirements and other standards during the first three years after origination.
Mortgage industry groups want a transition period between the expiration of the GSE “patch” and the implementation of a revised general QM definition to minimize market disruption.
Brian Johnson, who was deputy director of the CFPB until recently, has called on the agency to rescind a 2015 bulletin that essentially killed marketing services agreements.
While Republicans and Democrats continue to bicker over a second COVID relief package, industry groups warned that further halting of negative credit reporting may be disruptive to the market.
The purpose of the CFPB’s prioritized assessments is not to find violations, but to assess risks and to have a supervisory dialogue with the institution, according to bureau officials.