The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.
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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."
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All indications are that compliance and enforcement will again move into the strategic conversation for owners and executives. Title and settlement services providers will be even more pressed to accelerate their compliance programs.
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