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CFPB proposes new option for QM loan
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Thursday, August 20, 2020
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When is a QM loan not a QM loan? When it is originated three years before it gains QM status.
The Consumer Financial Protection Bureau issued a proposal which would create an option for lenders to issue non-qualified mortgage (QM) loans which eventually could qualify for QM safe harbor status after meeting certain criteria over a three-year period.
Read on for more details about the bureau’s proposal and the requirements needed to reach safe harbor status.
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