#New qm rules 2021 mac#

#New qm rules 2021 mac#

As a result, effective September 30, 2022, the CFPB will no longer accept applications for a no action letter.įor loans intended for sale to Fannie Mae or Freddie Mac with an application date on or after March 1, 2023, creditors will be required to submit with the loan package the Supplemental Consumer Information Form (SCIF).

In addition, the Bureau expressed concern that the policy failed to meet appropriate standards for transparency and stakeholder participation. In its statement, the agency said that the policy does not advance its stated objective of facilitating innovation. On September 27th, the CFPB published in the Federal Register a statement that it intends to allow its no action letter policy to expire at the end of the month. The no action letter would reassure the company that the Bureau did not intend to make supervisory findings or bring an enforcement action in connection with the new consumer financial product or service. Under the policy, a company could petition the agency for a no action letter in connection with a new consumer financial product or service. In 2016, the Consumer Financial Protection Bureau (CFPB) instituted a policy on no action letters to facilitate innovation in markets for consumer financial products and services.