Non QM loans and FNMA 1004

[Honey West]

Wait. I thought you were referring to Quinn-Martin loans.

So busy I missed this, sorry! Took me a minute, but as in a Quinn Martin Production. Lol.

 

[Mike Kennedy]

Sorry for delayed reply, way too busy here! A QM loan is a “ Qualified Mortgage” home loan with Lenders meeting certain standards set forth by the Federal Gov’t, and including borrower meeting Ability to Repay per Dodd Frank...

2014

https://files.consumerfinance.gov/f/documents/cfpb_ability-to-repay-qualified-mortgage_assessment-report.pdf