WTF is happening with QM?

Photo by Olenka Sergienko from Pexels

On 4/8/2021, Fannie Mae and Freddie Mac, the two biggest players in the US mortgage market, who buy most of the mortgages originated announced that all mortgage applications with a date of 6/30/2021 or beyond must conform to the revised qualified mortgage (QM) rules. They will no longer accept loans under the current QM patch rules.

This flies in the face of recent CFPB proposals to delay implementation of the revised…