The action doesn’t come as a total surprise. Industry attorneys said the CFPB, even under a business-friendly GOP, has been itching to do so for several years.

Canadian mortgages are remarkably short — just one to four years. The monthly payments, though, are comparable to American mortgages because the loans are still amortized over 25 to 30 years.

The new measures will help borrowers in COVID-19-related relief avoid foreclosures at the end of their forbearance period.

The Consumer Financial Protection Bureau has ratified all regulatory actions taken between Jan. 4, 2012, and June 30, 2020.

The agency announced an ambitious agenda of new rules on TRID, loan officer compensation and the ATR standards.

Mortgage firms need to reassess their fair lending programs to check for discrimination based on sexual orientation and gender identity, according to industry attorneys.

The CFPB wants to base QM status on a pricing metric rather than approval by the GSEs. Most mortgages would remain QMs but some business could shift to the non-agency market.

Nonbank lenders and mortgage real estate investment trusts stand to gain from expanding the eligibility requirement for FHLBank membership, according to industry comment letters.

The CFPB is allocating significant supervisory resources to learn about programs servicers are offering borrowers and policies that have been enacted.

HUD Secretary Ben Carson told lawmakers he will cooperate with an inquiry into whether a new policy prevents DACA recipients from receiving federally backed mortgage loans.