CFBP Extends QM Compliance Deadline

April 30, 2021 at 9:58 am Leave a comment

The increasingly drawn out fate of regulations creating a new definition of what qualifies as a Qualified Mortgage took another turn this week when the CFPB announced that it was extending the deadline for compliance from July 1,, 2021 until October 1, 2022.  This is good news especially for those of you intending to sell mortgages to the secondary market.  As I explained in a recent blog, the GSE recently put its partners on notice that without a change to the deadline it would not accept for purchase mortgages which qualify under the existing QM patch with its higher debt-to-income parameters. 

The preamble to this announcement includes this graph demonstrating just how dependent the housing market remains on access to the GSEs even as private label securitization continues to recover.

Second Circuit Examines Standing In Data Breach Cases

I will be delving into this more extensively next week but I did not want this week to end without informing my faithful readers that the U.S. Court of Appeals for the Second Circuit has decided an important case in which it explains the circumstances under which individuals whose data has been exposed to theft by unauthorized third parties can bring lawsuits in New York federal courts.  The case is McMorris v. Carlos Lopez & Assocs., LLC .

On that note, enjoy your weekend.  Yours truly will be paying for his first haircut and shave in about 16 months.

Entry filed under: Compliance, Legal Watch, Mortgage Lending. Tags: , , , , .

Are You Nudging Your Employees To Get Vaccinated? NY Extends and Increases Foreclosure Moratorium

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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