Qualified mortgages get a safe harbor, both for the lender and whoever they might sell the. The final rule provides a safe harbor for loans that satisfy the definition of a qualified mortgage and are not "higher-priced," in the Federal.
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As a result, some lenders have begun to originate so-called "non-QM loans," which as the name implies, do not comply with the Qualified Mortgage rule. The downside to providing these loans is the lack of liability protection, along with a less liquid secondary market.
A “safe harbor” QM allows borrowers to sue their lender only if they believe the loan does not meet the definition of a safe harbor qualified mortgage. Both the CFPB’s and HUD’s QM rules are set to go.
A group of 23 banking and real estate trade groups urged the Consumer Financial Protection Bureau on Friday to adopt a safe harbor protection from lawsuits for lenders that originate "qualified.
. the “Portfolio Lending and mortgage access act,” which would broaden the definition of qualified mortgages – those that qualify for the safe harbor – to include all mortgages held on a lender’s.
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Safe Harbor v/s Rebuttable Presumption: QMs that are not higher-priced1 have a safe harbor, meaning that they are conclusively presumed to comply with the ATR requirements. QMs that are higher-priced have a rebuttable presumption that they comply with the ATR requirements, but consumers can rebut that presumption.
In theory, a safe harbor should protect you from liability and have minimal litigation costs. In reality, however, plaintiffs’ attorneys can still claim that loans are not qualified mortgages and should not be afforded a safe harbor. The credit union will then have to prove that it is a qualified mortgage.
Expansion of the qualified mortgage safe harbor under the Regulatory Relief Bill: Significant Help for Portfolio Lenders under $10 Billion in Assets. A home mortgage loan made by a lender meeting the required criteria will be deemed a qualified mortgage even if the debt-to-income ratio of the borrower exceeds 43%.