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ARTICLE · 25 FEBRUARY 2021

A QM Freeze In The Forecast

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The CFPB announced today that it expects to propose a rule to delay the July 1, 2021 date to comply with the new Qualified Mortgage ("QM") rule.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
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The CFPB  announced today that it expects to propose a rule to delay the July 1, 2021 date to comply with the new Qualified Mortgage ("QM") rule.

The CFPB's  statement provides that the extension would allow lenders more time to make QM loans based on their debt-to-income ratio (and Appendix Q), or based on the fact that they are eligible for purchase by Fannie Mae or Freddie Mac. The CFPB's goal is to "ensure consumers have the options they need during the pandemic and the financial crisis it has caused, as well as to provide maximum flexibility to the market."

The  statement also is scheduled to appear in the Federal Register on February 26th.

Even more changes could be on the horizon. In addition to the possible delay described above, the CFPB hinted that it may revisit the  Seasoned QM Final Rule, and that it will "consider at a later date" whether to initiate another rulemaking to reconsider other aspects of the  General QM Rule.

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