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· 1) Safe Harbor QM loans. These are loans meeting the 8 requirements and which are first lien loans having an interest rate of less than 1.5% (or 3.5% for subordinate lien loans) higher than the average prime offer rate available. These cover the lender’s butt completely. 2) QM Rebuttable Presumption Loans.
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. the “Portfolio Lending and Mortgage Access Act,” which would broaden the definition of qualified mortgages – those that qualify for the safe harbor – to include all mortgages held on a lender’s.
“Safe harbor” means that if a lender follows the rules set forth in the Qualified Mortgage section of the Ability to Repay Rule within The dodd frank act they.
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(If the loan is a "higher-priced" loan, the lender gets a rebuttable presumption of compliance instead of a safe harbor). A qualified mortgage is a mortgage that meets certain requirements for lender protection and secondary market trading under the Dodd-Frank Wall Street Reform and consumer protection act.
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CMG will follow Qualified Mortgage (QM) and Ability to Repay (ATR). which means the APR exceeds the QM Safe Harbor APR threshold.
A group of 23 banking and real estate trade groups urged the Consumer Financial Protection Bureau on Friday to adopt a safe harbor protection from lawsuits for lenders that originate "qualified.
Banks that verify a borrower’s ability to repay a loan receive the agency’s "qualified mortgage" stamp of approval, giving them a safe harbor from litigation. In addition to changes on balloon loans,
How do Qualified Mortgages Provide a Safe Harbor? The ATR/QM rule provides a legal presumption that creditors originating QMs have complied with ATR requirements. This presumption gives you more certainty about potential legal liability if a member claims in court you failed to meet the ATR requirements in making the loan.
The APR exceed the rates on the Average Prime offer rate by more than 6.5% for 1st mortgage, or more than 8% for a second mortgage, or total points and fees exceed more than 5% of loan amount.
The Fed said the law is “unclear” about how to define a “qualified mortgage” that would get a safe harbor, meaning it would be fully protected from litigation, or whether a borrower could still.