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5 January 2021

Effective And Compliance Dates Set For CFPB Change To "General Qualified Mortgage" Definition

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The amendments go into effect on March 1, 2021, with a mandatory compliance date of July 1, 2021.
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A CFPB final rule that amends the definition of "General Qualified Mortgage" to replace the 43 percent debt-to-income ratio limit with price-based thresholds was published in the Federal Register. The amendments go into effect on March 1, 2021, with a mandatory compliance date of July 1, 2021.

See related coverage for more information on how Regulation Z ("Truth in Lending Act") is being amended with respect to the definition of "qualified mortgages."

Primary Sources

  1. Federal Register: Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): General QM Loan Definition

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