Browsing: ability to repay/qualified mortgage

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.”

Compliance and Risk

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.”