Anticipating Yom Kippur, CFPB adds more time to ‘seasoned mortgage’ comment period

Time to accommodate the Yom Kippur Jewish holiday is being allocated to collect comments on a new category of qualified mortgages, the federal consumer financial protection agency said Monday, with the new comments due date Oct. 1

The previous due date was Sept. 28.

In August, the Consumer Financial Protection Bureau (CFPB) unveiled a new category of “seasoned” qualified mortgages (QMs) that would apply to portfolio loans meeting certain performance requirements over a 36-month seasoning period, including having no more than two delinquencies of 30 or more days and no delinquencies of 60 or more days. Mortgages considered “seasoned” under the proposal are first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month “seasoning period.”

CFPB to Extend Comment Period for Notice of Proposed Rulemaking on New Category of Qualified Mortgages

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