The Bureau of Consumer Financial Protection released a public statement about the compliance dates for two mortgage rules: the General Qualified Mortgage (QM) Final Rule and the Seasoned QM Final Rule. Both rules regarding the definition of qualified mortgages took effect on March 1, 2021, but the mandatory compliance date for the General QM Final Rule is set for July 1, 2021. The Bureau is considering revisiting the Seasoned QM Final Rule and may delay the mandatory compliance date for the General QM Final Rule. They also intend to propose a rule that might allow lenders to use either the current or revised General QM loan definition until a new compliance date, with the Temporary GSE QM loan definition remaining effective until then.
Simple Explanation
The Consumer Financial Protection Bureau has said that they might change their rules about what makes a "safe" mortgage loan and are thinking about giving banks more time to follow the new rules. They want to let banks keep using old rules for a little while longer, but they haven't decided exactly when or how this will happen.