In an effort to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need, the CFPB on Wednesday released a notice of proposed rulemaking to delay the mandatory compliance date of the General QM final rule from July 1, 2021 to Oct. 1, 2022.

Extending the mandatory compliance date of the General QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income ratio, and not solely based on a pricing cut-off, according to the CFPB. Further, extending the compliance date of the General QM final rule would also give lenders more time to use the GSE patch, which provides QM status to loans that are eligible for sale to Fannie Mae or Freddie Mac, the agency stated.

If the proposed rule is finalized as is, the old, DTI-based General QM definition, the new, price-based General QM definition and the GSE patch (unless the GSEs exit conservatorship prior to Oct. 1, 2022) would all remain available as long as the lender received the consumer’s application prior to Oct. 1, 2022, according to the CFPB.

Comments on the proposed final rule, which can be accessed on the CFPB website, will be accepted until April 5, 2021.