CFPB Final Rule Issued for Seasoned Qualified Mortgage (QM) Loans

December 10, 2020

The CFPB issued a final rule adding a Seasoned QM loan definition in Regulation Z; creating a new category of Seasoned QMs for first-lien, fixed-rate covered transactions that have met certain performance requirements, are held in portfolio by the originating creditor or first purchaser for a 36-month period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements. The Seasoned QM Final Rule will apply to covered transactions for which creditors receive an application on or after the effective date.

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