![]() Learn more about the Ability to Repay Rule: September 2019, SFA shared with the Consumer Financial Protection Bureau (CFPB) its initial observations on the bureau’s proposed approach to handling the January 1, 2021, expiration of the “GSE patch.” The patch exempts mortgages eligible for purchase by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from the federal government’s qualified mortgage (QM) rule. You can continue to rely on your sound, tested underwriting guidelines that you have used in the past to make loans that have generally performed well, as long as you document the information you consider. You can originate any mortgage (whether it is a QM or not) as long as you make a reasonable, good-faith determination that the consumer is able to repay the loan based on common underwriting factors. ![]()
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