MPF Program Reminds PFIs of Qualified Mortgage (QM) Policy
Effective Date: Immediately (unless otherwise noted)
On December 10, 2020 the CFPB issued the final rule revising its General QM definition under its Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule). The rule provided a voluntary compliance date of March 1, 2021 and a mandatory compliance date of July 1, 2021 (which may be extended to October 2022). At this time the MPF Program has not revised our policies and continues to only accept Mortgage Loans under the prior General QM loan definition that was in effect prior to March 1, 2021.
- MPF Announcement 2021-22