Transcription of Qualified Mortgage Definition under the Truth in Lending ...
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Qualified Mortgage Definition under the Truth in Lending ...
1 BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1026 [Docket No. CFPB-2021-0003] RIN 3170-AA98 Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition ; Delay of Mandatory compliance date AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretation. SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay until October 1, 2022 the mandatory compliance date for the final rule titled Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule). The Bureau is taking this action to help ensure access to responsible, affordable Mortgage credit and to preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.
received on or after the July 1, 2021 mandatory compliance date. On March 3, 2021, the Bureau released for public comment a proposal to delay the General QM Final Rule’s mandatory compliance date from July 1, 2021 to October 1, 2022. 1 12 CFR 1026.43(e)(2)(vi), as was in effect on February 26, 2021. 2 85 FR 86308 (Dec. 29, 2020).
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