[20210311]IF11761_合格抵押（QM）规则和最新修订.pdf

https:/crsreports.congress.gov Updated March 11, 2021The Qualified Mortgage (QM) Rule and Recent RevisionsBackground Prior to the 2008 financial crisis, mortgage underwriting standards were relaxed such that the ability of borrowers to repay their loans became linked to the favorable financial conditions that existed at the time of origination. Following a rise in interest rates and a decline in underlying collateral values (house prices), these less favorable market conditions generated mortgage delinquencies and defaults. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) sought to address this in part by including an ability-to-repay (ATR) requirement. On January 30, 2013, the Consumer Financial Protection Bureau (CFPB) finalized a rule implementing the ATR. The initial version of the ATR rule became effective on January 10, 2014. A revised ATR rule, discussed below, was published on December 29, 2020. This, however, may not be the last revision, as another proposed rule was issued on March 3, 2021. The ATR requires a lender to make a reasonable good faith determination of the consumers ability to repay the loan according to its terms. Before maki