![]() #New qm rules 2021 PatchThe CFPB proposed to delay the mandatory compliance date from Jto October 1, 2022, so that the original general QM rule, new general QM rule, and GSE Patch QM rule would all be available for applications received on or before Septem(although the GSE Patch QM rule would end if Fannie Mae and Freddie Mac exited conservatorship). Among those three QM rules, for applications received on or after July 1, 2020, only the new general QM rule would be available. Both rules became effective on March 1, 2021, although because of the 36 month seasoning period, the seasoned loan QM rule did not have any immediate impact.īased on the new general QM rule’s original mandatory compliance date of July 1, 2021, for applications received on or before June 30, 2021, creditors could rely on the original general QM rule, the new general QM rule, or the temporary QM rule based on a loan being eligible for sale to Fannie Mae or Freddie Mac (often referred to as the “GSE Patch”), as long as Fannie Mae and Freddie Mac did not exit conservatorship. At the same time the CFPB also issued a seasoned loan QM rule. In December 2020, the CFPB issued the new general QM rule to replace the original general QM rule based on a strict 43% debt-to-income (DTI) ratio. The CFPB also issued an executive summary of the final rule. The final rule is effective on June 30, 2021. The CFPB recently issued a final rule delaying the mandatory compliance date for the new general qualified mortgage (QM) rule based on an annual percentage rate (APR) limit from Jto October 1, 2022. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |