What's New? TIL Exam Procedures and New QM Categories

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) has adopted revised interagency examination procedures for the Truth in Lending Act (TILA), implemented by Regulation Z. The revised interagency procedures reflect amendments to Regulation Z to promote consistency in the examination process and communication of supervisory expectations and to reflect the following changes to Regulation Z:

• The new general qualified mortgage (QM) definition.
• A new category of QMs called seasoned QMs.
• A delay in the mandatory compliance date for the new general QM definition until October 1, 2022.

Read more about the Ability-to-Repay/Qualified Mortgage Rule in The Regulation Z section of The Gold Book.