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 and LL2021-11 and Freddie Mac Bulletins 2021-13 and 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