Do You Sell Loans to Fannie Mae/Freddie Mac? If so, you need to be aware that July 1st is on the horizon. You may recall that the CFPB delayed the mandatory compliance date for the “new” general Qualified Mortgage (QM) definition, as well as the temporary QM, until October 1, 2022.
These extensions did not change the fact; however, that Fannie and Freddie will only purchase loans that meet the “new” general QM definition, effective for applications received on or after July 1, 2021.
Jerod discussed this in detail during our last Monthly Connection.
Learn more about these changes with the following webinars available now OnDemand:
The New General QM (Flash Webinar)
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!