Bradley attorney Jonathan Kolodziej was quoted in Inside Mortgage Finance on the Consumer Financial Protection Bureau's (CFPB) plans to propose a rule to delay the mandatory start date of the general qualified-mortgage final rule. The CFPB in December issued two final QM rules that were originally scheduled to go into effect on March 1, with a mandatory start date of July 1. The CFPB's effort to delay the mandatory start date will give the industry more time to grapple with operational issues.
"It looks like the CFPB wasn't able to delay the [March 1] effective date but will push the [July 1] mandatory compliance date and it sure seems like we'll get some changes. This definitely creates a mess, but was more or less expected," said Kolodziej.
The original article, "CFPB Delays QM Standards Mandatory Compliance Date," appeared in Inside Mortgage Finance on February 25, 2021.