On March 1st 2021, both the revised “General” Qualified Mortgage (QM) and the new “Seasoned” QM rules went into effect. As a result, we have updated our Ability to Repay Risk & Requirements Matrix.
On February 25th, we alerted you that the CFPB released a statement regarding these changes. Then, as expected, the CFPB issued a proposal earlier this week to delay the mandatory compliance date for the revised general QM until October 1, 2022. The temporary category of QMs for loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac would also remain available for applications received prior to October 1, 2022. Comments must be received no later than April 5, 2021, as the CFPB wants to move quickly so a rule can be finalized prior to the previously scheduled July 1st mandatory compliance date.
Explain the QM rule changes in plain English;
Provide clarity on any confusion related to the CFPB statement; and
Walk you through our updated one-page Ability to Repay Risk & Requirements Matrix.
Remember, one ticket (registration) gets your whole team into the program! Get registered today!
Published
2021/03/04