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CFPB Makes QM Rule Delay Official Apr 28, 2021 | Reprints | Print
The Consumer Financial Protection Bureau has delayed the mandatory compliance date of the General Qualified Mortgage final rule from July 1 to Oct. 1, 2022.
The CFPB said in a statement yesterday that the delay would “help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.”
“So many consumers have been hit hard by the pandemic and the economic downturn, and we want to ensure that responsible, affordable mortgages remain available,” CFPB Acting Director Dave Uejio said in a statement Tuesday. “As the mortgage market navigates an uncertain and challenging time, extending the date by which lenders must comply with the CFPB’s new General QM definition will help provide options and flexibility for both lenders and borrowers.”
CFPB Delays QM Rule Compliance and Patch Demise Apr 28 2021, 9:29AM
Lenders will have more than an additional year to
comply with the General Qualified Mortgage (QM) Rule. The Consumer Financial
Protection Bureau (CFPB) says it is formally delaying the mandatory compliance
date for the new rule from July 1, 2021 to October 1, 2022. The Bureau says it
is taking the action to help ensure access to
responsible, affordable mortgage credit, and preserve flexibility for consumers
affected by the COVID-19 pandemic and its economic effects.
The delay will also
give lenders more
time to use the so-called GSE Patch. The Patch provides QM status to loans that
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By Nicole Friedman The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst and set off a global recession. Yet in nearly every meaningful way, today s market is the inverse of the previous boom. Anthony Lamacchia, a broker and owner of a real-estate company near Boston, entered the industry in 2004. Home buyers were trading up to bigger, more expensive houses after barely a year, he said. Many buyers paid small down payments, or none at all. When housing prices stopped rising, the market collapsed. By 2009, Mr. Lamacchia was working with clients desperate to dump the homes he had just helped them buy.