General World News

CFPB delay of QM rule implementation is a terrible move

As reported yesterday, The Consumer Financial Protection Bureau released a notice of proposed rule-making that would “delay the mandatory compliance date of the general qualified mortgage rule 15 months to Oct. 1, 2022.” The bureau said: “extending the mandatory compliance date of the general QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income ratio, and not solely based on a pricing cut-off.”

This delay, unfortunately, is what often comes with a new administration, but it is a bad one for lenders, Realtors, and consumers.

For the past two years, industry leaders, which details ⇒

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