CFPB Final Rule Issued for General Qualified Mortgage (QM) Loans

December 10, 2020

The CFPB issued a final rule amending the General QM loan definition in Regulation Z; among other things, the final rule removes the General QM loan definition’s 43 percent DTI limit and replaces it with price-based thresholds. The General QM Final Rule takes effect 60 days after publication in the Federal Register, with an optional early compliance period starting on the effective date and a mandatory compliance date of July 1, 2021.

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