4.27.21
On April 28, the Consumer Financial Protection Bureau (CFPB) issued a final rule to extend the mandatory compliance date of the General Qualified Mortgage (QM) Rule from July 1, 2021 to October 1, 2022. This follows the Bureau’s notice of proposed rulemaking on the issue on March 4. The CFPB’s announcement is the latest in a series of measures aimed at ensuring access to affordable mortgage credit as the economy recovers from the pandemic. CFPB Acting Director Dave Uejio in a press release stated, “As the mortgage market navigates an uncertain and challenging time, extending the date by which lenders must comply with the CFPB’s new General QM definition will help provide options and flexibility for both lenders and borrowers.”