The CFPB adopted rules extending the sunset date of the GSE Qualified Mortgage (QM) provisions set forth in the Truth-in-Lending Act. Currently, the GSE QM provisions expire on the date that Fannie Mae or Freddie Mac exit federal conservatorship or receivership, or on January 10, 2021, whichever occurs first. Under the adopted rule, the GSE QM provisions expire on the date that Fannie Mae or Freddie Mac exit federal conservatorship or receivership, or the mandatory compliance date of final amendments to the General QM loan definition, whichever occurs first. The adopted rule becomes effective December 28, 2020.
Click here to view the CFPB Rule Adoption (10-20-20): https://www.tenaco.com/wp-content/uploads/2020/11/CFPB-Rule-Adoption-10-20-20.pdf
