QM - Qualified Mortgage

The definition of mortgage term: Qualified Mortgage

A Qualified Mortgage is a Loan that meets the standards of the Ability to Repay. This is part of the Dodd-Frank Act that was passed by the Consumer Financial Protection Bureau in 2010. Qualified mortgages were created to limit the number of high risk mortgages and decrease the number of foreclosures throughout the nation.

 

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