With the October 1st mandatory compliance date for the “revised” general QM, we want to remind you that the “original” general QM will no longer be available for applications received on or after October 1, 2022. There will also no longer be a QM category for a loan based solely on its eligibility for purchase or insurance by Fannie Mae or Freddie Mac.
In light of these changes, we’ve updated our Ability to Repay Risk & Requirements Matrix. Version 6.0 is now available as a Free Download. We’ve also made some minor updates to our Ability to Repay Worksheet that’s also available as a Free Download.
You may remember that this revised general QM criteria actually became effective back in March 2021. The mandatory compliance date was then extended from July 2021 all the way until October 1, 2022.
For more, be sure to check out the October edition of Banking on BCC or if you’re looking for a refresher on the revised general QM, we have a couple of webinar options, “The New General QM – Flash Webinar” or “The New QM Rules”, available now OnDemand.
