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

The Consumer Financial Protection Bureau (Bureau) is extending the comment period on its notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) by three days, from September 28, 2020 to October 1, 2020 in order to accommodate for the Yom Kippur Jewish holiday. 

On August 18, 2020, the Bureau issued a press release announcing the NPRM to create Seasoned QMs as a way to encourage innovation and help ensure access to responsible, affordable credit in the mortgage market.