ICBA seeks delay in new Qualified Mortgage rule

ICBA and other groups called on the Consumer Financial Protection Bureau to delay its upcoming Qualified Mortgage rulemaking and extend a policy exempting Fannie Mae and Freddie Mac mortgage loans from parts of the QM rule.

ICBA asked for an extension of the government-sponsored enterprises' QM "patch" until the later of January 2022 or one year from the finalization of any proposed rule following an appropriate notice and comment period.

In its letter, ICBA said the CFPB's proposed timeline for finalizing a new QM definition before January 2021 would introduce uncertainty into an already-stressed housing finance system and would distract from the response to the COVID-19 emergency.