Welcome to Qualified Mortgage. This website is an educational resource for home buyers, journalists, and mortgage lenders who wish to learn more about the federal government’s Qualified Mortgage (QM) rule, which is set to take effect in 2014. On this website, you’ll find a standardized definition of the QM rule, a list of supporting documents, and the latest news and commentary on the subject.
QM Rule at a Glance
On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued a finalized version of the Qualified Mortgage rule. This was done to meet requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The following video provides an in-depth explanation of both the ability-to-repay (ATR) rule and the Qualified Mortgage (QM) rule. The definition of QM starts at 9:37 into the video, if you want to skip ahead.
The rule will take effect on January 10, 2014. It is intended to create a class of “safer” mortgages. It does this by (A) restricting certain loan features, (B) capping mortgage points and fees, and (C) imposing certain underwriting requirements for loans. In exchange for generating QM loans, lenders will be given some degree of legal protection from consumer lawsuits, either in the form of a safe harbor or a rebuttable presumption.
QM Loans In the News
The 2014 QM rule has generated more news, commentary and debate than almost any other mortgage rule in history. We have created a news page to help you keep up with developments in this area. It offers a curated collection of recent news stories pertaining to the CFPB’s ability-to-repay and QM rules. Visit the news section