Removing Barriers Blog

CFPB Proposes to Delay of Mandatory Compliance Date for General QM Rule
Posted March 03, 2021 by CUNA Advocacy

The CFPB released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The proposal does not change the implementation date of the General QM rule, which began on March 1, 2021.

If this NPRM is finalized as proposed, the old, DTI-based General QM definition; the new, price-based General QM definition; and the GSE Patch (unless the GSEs exit conservatorship prior to October 1, 2022) would all remain available as long as the lender received the consumer’s application prior to October 1, 2022.

Comments on the NPRM must be received on or before April 5, 2021.

CUNA sent a letter to Acting Director Uejio recommending the Bureau permit credit unions to begin making price-based QMs under the recently-finalized General QM rule without delay.