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When underwriting an adjustable-rate Qualified Mortgage, the monthly payment used to evaluate the consumer's ability to repay must generally be calculated using:
a.The initial teaser rate only
b.The lowest possible rate over the loan's life
c.The maximum interest rate that could apply in the first five years (or the fully indexed rate, whichever is greater)
d.The average of all rates over the loan term
Giải thích
For ATR/QM purposes, the payment on an adjustable-rate mortgage must be calculated using the greater of the fully indexed rate or the introductory rate, and a monthly payment that fully amortizes the loan; for many ARMs the rule requires using the maximum rate in the first five years. Using only the low teaser rate would understate the true payment burden and is not permitted.
Trích dẫn luật: Ability-to-Repay/Qualified Mortgage Rule (Reg Z 1026.43)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The Ability-to-Repay rule requires a creditor to make a reasonable, good-faith determination of the consumer's ability to repay. Which of the following is NOT one of the underwriting factors the rule requires the creditor to consider and verify?
- For a Qualified Mortgage of $100,000 or more, the total points and fees generally may not exceed what percentage of the total loan amount?
- Which loan feature is generally NOT permitted in a Qualified Mortgage?
- A loan originator calls an appraiser before the report is finished and says the deal needs the home to appraise at least at the contract price to close. Under the appraisal independence requirements, this communication is:
- The Home Valuation Code of Conduct (HVCC) was largely superseded by which framework establishing appraisal independence?
- Which of the following is permitted under appraisal independence rules?
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