On October 20, 2020, the Consumer Financial Protection Bureau (CFPB) amended Regulation Z to extend the January 10, 2021 sunset date of the Temporary GSE QM loan to July 1, 2021 (the Extension Final Rule).
On December 10, 2020, the CFPB issued two final rules related to qualified mortgage (QM) loans. The first final rule, the General QM Rule, replaces the current requirement for General QM loans that the consumer’s debt-to-income ratio (DTI) not exceed 43 percent with a limit based on the loan’s pricing. The second final rule, reveals a new Seasoned QM.
The Regulation Z Ability-to-Repay/Qualified Mortgage Director/Senior Management Update provides information on recent changes to the ATR/QM rules roled into a one-page brief with a summary of changes, effective dates, necessary tasks, and a preliminary risk assessment of the changes.