The Consumer Financial Protection Bureau (CFPB) has proposed pushing the mandatory compliance date of the general qualified mortgage final rule by 15 months to October 01, 2022.

On Wednesday, the CFPB issued a notice of proposed rulemaking (NPRM) that would delay the compliance date for the general QM rule, which is scheduled on July 01. The Bureau said that the extension will give lenders more time to use the GSE Patch – a rule that allows Fannie Mae and Freddie Mac to avoid some of the tighter underwriting requirements of the Ability to Repay/Qualified Mortgage (ATR/QM) rule.

“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 (DTI) ratio, and not solely based on a pricing cut-off,” the agency said in a statement.

If the NPRM is finalized as proposed, the DTI-based general QM definition, the price-based general QM definition, and the GSE Patch will all be available as long as the lender receives the consumer’s application prior to October 01.

The CFPB also said that putting off the mandatory compliance date may “help ensure stability and access to affordable, responsible credit in the mortgage market.”

“At a time when so many consumers are struggling and at risk of losing ground, particularly Black and Hispanic consumers, we need to do all we can to help people stay in their homes and to ensure the availability of responsible, affordable mortgages,” said CFPB Acting Director David Uejio.