On April 27, 2021, the CFPB issued a final rule extending the mandatory compliance date of the General QM Final Rule from July 1, 2021, to October 1, 2022. Pursuant to a final rule issued on October 20, 2020, the Temporary GSE QM loan definition is scheduled to expire on (1) the mandatory compliance date of the General QM Final Rule or (2) with respect to each GSE when that GSE ceases to operate under the conservatorship of FHFA, whichever happens earlier.
The effective date of both the General QM Final Rule and the Seasoned QM Final Rule was March 1, 2021, and the CFPB also established a mandatory compliance date for the General QM Final Rule of July 1, 2021.Īnother category of QMs currently available under Regulation Z, referred to as the Temporary GSE QM loan definition, consists of loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation (collectively, the GSEs), while operating under the conservatorship or receivership of the Federal Housing Finance Agency (FHFA).
On December 10, 2020, the CFPB issued two final rules relating to the qualified mortgage (QM) definition under the Truth in Lending Act and its implementing Regulation Z, referred to as the General QM Final Rule and the Seasoned QM Final Rule.
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