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Comments due: CFPB (proposed rule; QM loan definition, extension of sunset date)
August 10, 2020
The Consumer Financial Protection Bureau (CFPB) proposes to extend the Temporary GSE (government-sponsored enterprise) QM (qualified mortgage) loan definition to the effective date of a final rule to be issued by the Bureau amending the General QM loan definition. The Bureau does not intend for this effective date to be prior to April 1, 2021. Thus, the Bureau does not intend for the Temporary GSE QM loan definition to expire prior to April 1, 2021. The Bureau is not proposing to amend the provision stating that the Temporary GSE QM loan category would expire if the GSEs exit conservatorship.