Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition
Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition
Both have an effective date of Mar. 1, 2021, with the General QM Final Rule having a mandatory compliance date of July 1, 2021.
The CFPB indicated it will be revisiting the Seasoned QM Final Rule and changes are possible. A proposed rule is expected to be released soon to delay the July 1, 2021 mandatory compliance date of the General QM Final Rule. The CFPB indicated it will consider at a later date whether to initiate rulemaking related to other aspects of the General QM Final Rule.
For more information on the rules, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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