Currently the Qualified Mortgage Patch is set to expire in January 2021.
The Mortgage Bankers Association, in a comment letter to the Consumer Financial Protection Bureau, asked the Bureau to extend the temporary GSE Qualified Mortgage loan definition, also known as the GSE “Patch,” for an additional six months following the effective date for the revised general QM parameters. Upon the conclusion of this overlap period, MBA said, the GSE Patch should be allowed to expire. MBA also recommends additional enhancements to the QM framework regarding the role of the GSE conservatorships, the definition of a loan “application,” and the ability to cure QM violations related to points and fees. The GSE Patch, created as part of the Dodd-Frank’s amending the Truth in Lending Act, is scheduled to expire in January 2021 or when Fannie Mae and Freddie Mac exit conservatorship, whichever comes first.
Source: The MBA