A CFPB final rule that amends the definition of "General Qualified Mortgage" to replace the 43 percent debt-to-income ratio limit with price-based thresholds was published in the Federal Register. The amendments go into effect on March 1, 2021, with a mandatory compliance date of July 1, 2021.
See related coverage for more information on how Regulation Z ("Truth in Lending Act") is being amended with respect to the definition of "qualified mortgages."
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
