(a) The Federal banking agencies
and the Commission, in consultation with the Federal Housing Finance
Agency and the Department of Housing and Urban Development, shall
commence a review of the definition of qualified residential mortgage
in section 244.13, a review of the community-focused residential mortgage
exemption in section 244.19(f), and a review of the exemption for
qualifying three-to-four unit residential mortgage loans in section
244.19(g):
(1) No later than four
years after the effective date of the rule (as it relates to securitizers
and originators of asset-backed securities collateralized by residential
mortgages), five years following the completion of such initial review,
and every five years thereafter; and
(2) At any time, upon the request of any
Federal banking agency, the Commission, the Federal Housing Finance
Agency or the Department of Housing and Urban Development,
specifying the reason for such request, including as a result of any
amendment to the definition of qualified mortgage or changes in the
residential housing market.
(b) The Federal banking agencies, the Commission, the
Federal Housing Finance Agency and the Department of Housing and Urban
Development shall publish in the Federal Register notice of
the commencement of a review and, in the case of a review commenced
under paragraph (a)(2) of this section, the reason an agency is requesting
such review. After completion of any review, but no later than six
months after the publication of the notice announcing the review,
unless extended by the agencies, the agencies shall jointly publish
a notice disclosing the determination of their review. If the agencies
determine to amend the definition of qualified residential mortgage,
the agencies shall complete any required rulemaking within 12 months
of publication in the Federal Register of such notice disclosing
the determination of their review, unless extended by the agencies.
