The Republican version of regulatory relief legislation that passed out of the Senate Banking, Housing and Urban Affairs Committee recently revises a handful of CFPB rulemakings in a number of key areas, most notably in liberalizing the criteria for qualified mortgage status under the CFPB’s ability-to-repay rule.However, the lender/creditor would have to hold the loan in portfolio from its inception, or any acquirer of the loan must continue to hold it in portfolio.Additionally, the mortgage cannot have been acquired through securitization, nor can it have certain forbidden features, like negative amortization, interest-only provisions, or a loan term in excess of 30 years. Further, the lender would be required to document the borrower’s income, employment, assets and credit history...