Qualified Mortgage Safe Harbor

A qualified mortgage that is not deemed to be a "higher-priced" mortgage provides the lender with a safe harbor – the loan is conclusively presumed to comply with the ATR/QM Rule. (If the loan is a "higher-priced" loan, the lender gets a rebuttable presumption of compliance instead of a safe harbor).

 · Cheat Sheet: What the CFPB’s qualified mortgage rule Means to Lenders. The final rule essentially splits the baby, proposing to give safe harbor protection to all prime QM loans, but give only a rebuttable presumption to higher-priced QM loans, which are essentially subprime mortgages.

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. Qualified.

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So a normal mortgage market would be somewhere between 100 and 800. Mortgage credit is tightening ahead of the new qualified mortgage (or QM. The QM rules were intended to provide some sort of safe.

A key consideration in this decision-making process is the legal risk and the differing levels of protection given to qualified mortgages and ability-to-repay loans. Following is an outline of which loans get a safe harbor and which get a rebuttable presumption. Loans eligible for purchase by Fannie or Freddie – safe harbor

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Additionally, the annual percentage rate ceiling for a first lien loan to be a non-higher priced mortgage loan that is eligible for the qualified mortgage safe harbor under the ATR rule is higher for small creditors than other creditors (i.e., less than 3.5 percentage points above a benchmark rate as opposed to less than 1.5 percentage points.

Loan OfficerIt has been a few years since the CFPB’s implementation of the ability to repay requirements and qualified mortgage safe harbor, yet many credit unions still find the points and fees calculations confusing, particularly the scale of the exemption for construction loans in.

Small creditor can charge higher rate for 1st-lien mortgage loan (up to 350 basis points over APOR) and still receive safe harbor for compliance with ATR.