Under the direction of the Preferred Stock Purchase Agreement, Fannie Mae and Freddie Mac have announced in Fannie Mae Lender Letter 2021-09 and Freddie Mac Bulletin 2021-13 that they will require loans to meet the revised QM rule for loans with applications on or after July 1, 2021 despite the CFPB’s issued delay for mandatory compliance as detailed in Executive Summary of the April 2021 Amendments to the ATR/QM Rule.
All conventional loans must adhere to the effective dates in the below table. Exceptions to any of the deadline dates will not be available.
Loans with application dates on or before 6/30/21 that meet the new General QM standards are not subject to the above delivery and purchase dates.
Please review the attached document with all QM Rule Effective Dates.