Archive for March, 2014

What is QM and how will it affect me?

QM stands for Qualified Mortgage.  On January 10th of this year the Consumer Financial Protection Bureau (CFPM) implemented laws requiring mortgage lenders to consider consumers’ ability to repay home loans before extending them credit.  There were numerous changes made that lenders adopted to make sure a loan falls under QM status.  What are some examples of changes under QM? Certain “low documentation” loan types, loan terms longer than 30 years, and “interest only” or “negative amortization” loans do not qualify for ...

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