# Revised General QM Rule for Agency Loans

Source: https://www.gatewaycorrespondent.com/announcements/revised-general-qm-rule-for-agency-loans

On **April 27, 2021**, the CFPB announced they were delaying the mandatory compliance date for the **General Qualified Mortgage (QM)** Final Rule from 7/1/2021 to **10/1/2022**.   Pursuant to the changes outlined in the Preferred Stock Purchase Agreement, Fannie Mae and Freddie Mac are still subject to the original mandatory compliance date of **7/1/2021**.  For this reason, Gateway First Bank, Correspondent Lending will align with the Revised Qualified Mortgage Rule announced in **Fannie Mae Lender Letters** [LL-2021-09](https://singlefamily.fanniemae.com/media/25566/display) and [LL2021-11](https://singlefamily.fanniemae.com/media/25856/display) and **Freddie Mac Bulletins** [2021-13](https://guide.freddiemac.com/app/guide/bulletin/2021-13) and [2021-19](https://guide.freddiemac.com/app/guide/bulletin/2021-19).

With the implementation of this rule, all Conventional Loans meeting the current QM rule requirements must adhere to the following effective dates:

**July 1, 2021** – Agency Loans with application dates on or after July 1, 2021, must comply with the Revised General QM Rule requirements.

**August 1, 2021** – Loans originated relying on the Old QM Rule/Agency Patch must be delivered.

**August 11, 2021** – Loans originated relying on the Old QM Rule/Agency Patch must be purchased.

 

Please direct any questions to your [***Regional Sales Manager***](http://www.gatewaycorrespondent.com/contact/sales/)