The Consumer Financial Protection Bureau (CFPB) has issued a notice of proposed rulemaking to create a new category of seasoned qualified mortgages (Seasoned QMs) to encourage innovation and help ensure access to responsible, affordable credit in the mortgage credit market.
The proposal would not disqualify a loan from becoming a Seasoned QM for the failure to make full contractual payments during the pandemic as long as certain conditions are met.
Read on for more from the CFPB.
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