CFPB Issues ANPR on QM Fix

On July 25, 2019, the CFPB announced an Advance Notice of Proposed Rulemaking (ANPR) seeking information relating to the expiration of the temporary qualified mortgage (QM) provision applicable to certain mortgage loans eligible for purchase or guarantee by the Governement Sponsored Enterprises (GSE - i.e. Fannie Mae & Freddie Mac). This provision, also known as the GSE patch, is scheduled to expire no later than Jan. 10, 2021.

As the ANPR states that the Bureau currently plans to allow the GSE Patch to expire around January 2021, financial institutions that rely on the GSE Qualified Mortgage option should consider commenting on the ANPR.

Comments on the ANPR are due on September 16, 2019. The CFPB release can be found here.

CFPB Reopens Second HMDA Comment Period

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