Definition of a Qualified Mortgage (QM) - According to CFPB

Definition of a Qualified Mortgage (QM) - According to CFPB. Mortgage Definition

Definition of a Qualified Mortgage (QM) - According to CFPB video duration 5 Minute(s) 37 Second(s), published by Home Buying Institute on 04 12 2013 - 23:58:19.

This video offers a simplified definition of the Qualified Mortgage (QM) rule
It is based on the definition introduced by the Consumer Financial Protection Bureau The legal definition of mortgage is an interest given on a piece of land ,in writing to guarantee the payment of a debt or the execution of some action A mortgage .

A mortgage loan is used either by purchases of real property to raise funds to buy real estate, or alternative by existing property owners to raise funds for any http://www.theaudiopedia.com What is MORTGAGE FRAUD? What does MORTGAGE FRAUD mean? MORTGAGE FRAUD meaning - MORTGAGE I created this video with the YouTube Slideshow Creator Mortgage Definition
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This video offers a simplified definition of the Qualified Mortgage (QM) rule. It is based on the definition introduced by the Consumer Financial Protection Bureau (CFPB) in January 2013. The QM rule is scheduled to take effect on January 10, 2014.

The definition of a Qualified Mortgage, or QM, includes the following:

* It prohibits negative-amortization and interest-only payment structures.
* It limits some mortgage points and fees to 3% of the loan amount.
* It limits borrowers to having a total debt-to-income (DTI) ratio of 43%.
* The term of the loan cannot exceed 30 years.
* Balloon payments are prohibited, except for portfolio loans made by smaller lenders.

Do you have questions about the Qualified Mortgage definition? If so, we invite you to join our web-based forum to post your questions. You can discuss this topic with other consumers, lenders and housing professionals.

Here is the link to our forum:
http://www.qualifiedmortgage.org/forums/