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CFPB Extends QM Patch Until Replacement Is Ready

Friday, Oct 23 2020
Lending
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The Consumer Financial Protection Bureau has announced a final rule that extends the “QM patch” for Fannie Mae and Freddie Mac until whenever a successor is ready. So reports the Scotsman Guide.

more-->The patch, which had been set to expire January 10, 2021, was an exception to the regulator’s qualified mortgage rule, which requires that borrowers have a debt-to-income ratio below 43%.

At a virtual conference of the Mortgage Bankers Association, CFPB director Kathleen Kraninger described the QM patch’s extension as “indefinite.”

Read the full article from the Scotsman Guide.

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