![]() The General QM Final Rule will have a mandatory compliance date of July 1, 2021. The rules will take effect 60 days after their publication in the Federal Register. Specifically, the loan can have no more than two delinquencies of 30 or more days and no delinquencies of 60 or more days at the end of the seasoning period.ĬUNA said in its comments on the proposed rule the Seasoned QM will aid residential mortgage expansion. The second final rule issued creates a new category for QMs, Seasoned QMs, for first-lien, fixed-rate covered transactions that have met certain performance requirements, are held in portfolio by the originating creditor or first purchaser for a 36-month period, comply with general restrictions on product features and points and fees and meet certain underwriting requirements. Requires lenders to consider a consumer’s DTI ratio or residual income, income or assets other than the value of the dwelling, and debts and removes appendix Q and provides more flexible options for creditors to verify the consumer’s income or assets other than the value of the dwelling and the consumer’s debts for QM loans.ĬUNA supported the proposed General QM, believing it is an important step in turning the General QM into a viable option for credit union originations.Retains the General QM loan definition’s existing product-feature and underwriting requirements and limits on points and fees.Provides higher pricing thresholds for loans with smaller loan amounts, for certain manufactured housing loans, and for subordinate-lien transactions. ![]()
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