In a recently issued advance notice of proposed rulemaking, the CFPB requested comment from industry stakeholders related to the upcoming expiration of the temporary Qualified Mortgage (QM) rules. Temporary QM, which will expire January 10, 2021, grants QM status for loans eligible for purchase by Fannie Mae or Freddie Mac that otherwise would not qualify under standard QM requirements.
The CFPB understands that allowing the temporary QM rules to expire without revising existing QM requirements would negatively affect the mortgage market. As a result, the CFPB is actively exploring revisions to the existing QM rules and requirements. We encourage our clients to read the CFPB's advance notice of proposed rulemaking and to submit any QM revision suggestions. The advance notice of proposed rulemaking can be found here.
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