General exemptions.

CFR · 2024-01-01 · US · Title 12

(a) (i) Secured by a dwelling (as defined in 12 CFR 1026.2(a)(19)) that is owner occupied and contains three-to-four housing units; (ii) Is deemed to be for business purposes for purposes of Regulation Z under 12 CFR part 1026, supplement I, paragraph 3(a)(5)(i); and (iii) Otherwise meets all of the requirements to qualify as a qualified mortgage under § 1026.43(e) and (f) of Regulation Z (12 CFR 1026.43(e) and (f)) as if the loan were a covered transaction under that section. (b) This part shall not apply to: (1) (i) Is collateralized solely by residential, multifamily, or health care facility mortgage loan assets that are insured or guaranteed (in whole or in part) as to the payment of principal and interest by the United States or an agency of the United States, and servicing assets; or (ii) Involves the issuance of asset-backed securities that: (A) Are insured or guaranteed as to the payment of principal and interest by the United States or an agency of the United States; and (B) Are collateralized solely by residential, multifamily, or health care facility mortgage loan assets or interests in such assets, and servicing assets. (2) (3) (4) (5) (i) Is collateralized solely by servicing assets, and by asset-backed securities: (A) For which credit risk was retained as required under subpart B of this part; or (B) That were exempted from the credit risk retention requirements of this part pursuant to subpart D of this part; (ii) Is structured so that it involves the issuance

official document · source cfr-2024 · id 12:§ 43.19