ABS Qualifying Residential Mortgage and Other Exempt Loans

Overview

Certain pools that are secured by "qualifying residential mortgages" ("QRMs") are exempt from the Risk Retention Rules. The definition of a QRM is a loan that is a "qualified mortgage" as defined in TILA Section 1639C and the CFPB's regulations thereunder; i.e., Regulation Z, Rule 1026.43(e).

The relevant qualified mortgage definitions are provided below. Otherwise, this topic page focus on QRMs. See also the separate topic pages on Credit Risk Retention and on Qualified Mortgages and Ability to Repay.

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Partner and Co-Chair, Capital Markets
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Partner and Co-Chair, Capital Markets

Find

 
Find: 

TILA Provision and Regulation Z

Statute

  • SEA Section 15G (Credit risk retention, exception for "qualifying residential mortgages" and other loans of similar credit quality).

Dodd-Frank

  • Section 941 (Regulation of credit risk retention)
  • Section 942 (Disclosure and reporting for asset-backed securities)
  • Section 943 (Representations and warranties in asset-backed offerings) 
  • Section 945 (Due diligence analysis and disclosure in asset-backed issues)

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