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Throughout the past year, the Consumer Financial Protection Bureau ("CFPB") continued to actively issue rules and other guidance applicable to the…
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...