Nonetheless, Director Chopra indicated that the agency will, with regard to the QM Rule, “explore ways to spur streamlined modification and refinancing in the mortgage market.” That brings to mind the current QM status applicable to “non-standard” mortgage loans that are refinanced into standard loans. For an agency that is barely a decade old, the assertion that rules the agency pursued way back in its “first decade” are stale seems inapplicable to the QM Rule. In fact, the general QM definition is still in transition – switching to the new APR-based QM will not be mandatory until October. Beginning with a request for information in 2017, and ending with final rules in 2021, the CFPB issued a total of 12 Federal Register notices and rules, addressing everything from general QMs, temporary QMs (the “GSE Patch”), and seasoned QMs. However, the CFPB has by all accounts undertaken a recent (and seemingly deep) review of the QM Rule.
The passage of time has admittedly been fuzzy since the pandemic. As part of that effort, the agency will review certain rules that it either inherited or “pursued in its first decade of existence.” Among those rules is the CFPB’s Qualified Mortgage (“QM”) Rules. On June 17, Director Chopra issued a blog post titled “ Rethinking the Approach to Regulations,” indicating that the agency will move toward “simpler and clearer rules” that are easy to understand and enforce. Apparently time flies when you’re Director Chopra of the Consumer Financial Protection Bureau (“CFPB”).
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