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Could New Lender Regulations for 2014 Affect Your Qualifications? Part 2

As was mention in Part 1, The Dodd-Frank Act, going into affect January 10, 2014, is going to change the way lenders do business through the loan applicant's ability to repay (ATR) and the guidelines for qualified mortgages (QM) . There are two types of QM's, general and temporary. What are the definitions? A general QM is the most restrictive of the two. It has all the requirements of the universal QM, mentioned in Part 1, but has the added restriction of...

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