QM Points and Fees Cure Expiration Under TILA

Recently the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule that amended definitions to the Qualified Mortgage (QM).  In a final rule released on October 20, 2020 (the Extension Final Rule), the Bureau amended Regulation Z to replace the January 10, 2021 sunset date of the Temporary GSE QM loan definition with a provision stating that the Temporary GSE QM loan definition will be available only for covered transactions for which the creditor receives the consumer’s application before the mandatory compliance date of final amendments to the General QM loan definition in Regulation Z.

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NDC-001_2-4-2021_ QM Points and Fees Cure Expiration Under TILA