Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date

Title:

Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date

Subject: Qualified mortgage
Agency: CFPB
Status: Final rule
Summary:

The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay until October 1, 2022 the mandatory compliance date for the final rule titled Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule). The Bureau is taking this action to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.

FR Doc: 2021-09028
Date proposed: March 3, 2021
Comments due date:

April 5, 2021

Final rule effective date: June 30, 2021; mandatory compliance deadline delayed to Oct. 1, 2022
Rule compliance date:
Agency release: Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date

CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule (March 3, 2021)

Consumer Financial Protection Bureau Takes Steps to Address GSE Patch

Related Reg Report item(s): Bureau moves QM final rule compliance date to Oct. 1, 2022; cites ‘more time’ to offer loans based on DTI

Compliance date for new QM rule would be delayed 15 months to October 2022 under proposal (March 3, 2021)

Bureau proposes ‘price-based approach’ to replace GSE patch before it expires (with an extension offered just in case)

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