The Consumer Financial Protection Bureau today issued a final rule extending the mandatory effective date for the General Qualified Mortgage rule from July 1, to Oct. 1, 2022.
Browsing: Ability to repay/qualified mortgage
Sens. Mark Warner (D-Va.) and Tim Scott (R-S.C.) today urged the Consumer Financial Protection Bureau to reconsider its decision to postpone the effective date for the General Qualified Mortgage final rule from July 1, to Oct. 1, 2022, and extend the temporary “GSE patch.”
In lender letters issued this week, Fannie Mae and Freddie Mac announced that any loans purchased by the GSEs after July 1, must conform to the requirements outlined in the Consumer Financial Protection Bureau’s recently finalized QM final rule—effectively signaling the end of the so-called “GSE-patch.”
Delaying the mandatory compliance date of the new QM rules could “foster disruptive market confusion and complicate bank compliance efforts considerably,” ABA said in a comment letter to the Consumer Financial Protection Bureau yesterday.