CFPB Proposes Rule to Delay Mandatory Compliance Date of Revised General QM Rule, Issues Statement on Other Potential QM Changes, and Updates ATR/QM Compliance Guide | Weiner Brodsky Kider PC
To embed, copy and paste the code into your website or blog: On March 3, 2021, the CFPB released a notice of proposed rulemaking (NPRM) which proposes to delay the mandatory compliance date of the final rule the agency previously issued on December 10, 2020, that revised the general Qualified Mortgage (QM) requirements (Revised General QM Rule). If finalized, the NPRM would move the mandatory compliance date for the Revised General QM Rule from July 1, 2021, to October 1, 2022. Significantly, if the NPRM is finalized, it will permit lenders to offer consumers both QMs that: (1) meet the Cur...
Source: jdsupra.com