Effective and Compliance Dates Set for CFPB Change to "General Qualified Mortgage" Definition

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."