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We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the definition of a “qualified mortgage” (QM) (the General QM Final Rule), and the other provides an alternate pathway to QM safe harbor status for certain seasoned mortgage loans (the Seasoned QM Final Rule).
US President Donald Trump issued an executive order (EO) on February 3 that directs the secretary of the US Department of the Treasury and the heads of the major federal financial regulatory agencies to review “existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other government policies” for their consistency with a series of newly created “Core Principles” for the oversight and regulation of the financial sector, and to report back with their findings within 120 days.
As the incoming administration of President-elect Donald J. Trump prepares to roll back federal regulations impacting a wide variety of industries, the battleground will not just be in Washington, DC—it may emerge in the states.