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Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules
As noted, the Bureau is concerned about the July 1, 2020 mandatory compliance date of the General QM
Final Rule because requiring creditors to transition to the price-based General QM loan definition on July 1, 2021, and eliminating the Temporary GSE QM
loan definition and the DTI-based General QM loan definition, could exacerbate these pandemic-related concerns about access to credit for some consumers. In the General QM Final Rule, the Bureau stated that maintaining access to responsible, affordable mortgage credit after the expiration of the Temporary GSE QM loan definition was a critical policy goal, and the Bureau found that the price-based approach would further this goal.90 The Bureau concluded that the General QM
Final Rules pricing thresholds best balanced consumers ability to repay with ensuring access to responsible, affordable mortgage credit, including for minority consumers.91 However, compared to a market in which creditors could originate QM loans under the price-based approach in the revised General QM loan definition, the DTIbased General QM loan definition, or under the Temporary GSE QM loan definition, there would be a slightly 90 85
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smaller QM market and potentially reduced access to credit in a market in which creditors were limited to making General QM loans under the revised, price-based General QM loan definition.
Extending the mandatory compliance date would retain flexibility for creditors to originate loans as QMs under the Temporary GSE QM loan definition and revised General QM loan definition for a longer period of time.
Given the mortgage origination capacity concerns and the concentration of loans in the GSE channel described above, the Bureau preliminarily concludes it is appropriate to extend the mandatory compliance date of the General QM
Final Rule to October 1, 2022 to ensure broad credit access under the particular circumstances arising from the COVID
19 pandemic, including for loans in the GSE channel.
In addition, the Bureau preliminarily concludes that retaining a broad QM
market until October 1, 2022, in which creditors could make QMs under the price-based approach in the revised General QM loan definition, the DTIbased General QM loan definition, or the Temporary GSE QM loan definition, would not significantly increase the likelihood that risky loans would inappropriately receive a rebuttable presumption of compliance with ability to repay requirements. In general, the
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Bureau expects that creditors will use comparable underwriting for loans within the DTI-based General QM loan definition and the Temporary GSE QM
loan definition between July 1, 2021 and October 1, 2022 as they did for loans originated using those same definitions prior to March 1, 2021. As a result, the Bureau expects QM loans originated between July 1, 2021 and October 1, 2022, using the General QM loan definition that was in effect prior to March 1, 2021 and the Temporary GSE
QM loan definition, will have comparable risk levels to QM loans originated under those same definitions prior to March 1, 2021.
Moreover, given the above-noted concerns about access to credit for certain consumers in the existing market, the Bureau has concerns about requiring creditors to transition to the price-based approach in the General QM
loan definition on July 1, 2021. In part V.B.5 of the General QM Final Rule,92
the Bureau acknowledged that overall market spreads may expand and tighten over time. The Bureau noted that it monitors changing market and economic conditions, and it could consider changes to the pricing thresholds if circumstances warrant.
The Bureau is concerned that, in the 92 Id.

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