CFPB Likely to Delay Mandatory Compliance Date of New General QM Rule and May Reconsider Seasoned QM Rule
By EsqSocial Corporation 26/02/21
The CFPB recently issued a policy statement addressing the rules finalized near the end of former Director Kraninger’s tenure that amend the Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace the strict 43% debt-to-income (DTI) ratio basis for the current general QM with an annual percentage rate (APR) limit, and to create a new seasoned loan QM. As previously reported, Acting Director Uejio generated speculation regarding the fate of the rules, which each have a...
By: Ballard Spahr LLP