Coming in 2021: CFPB Finalizes Changes to "Qualified Mortgage" Definition and Creates a New "Seasoned QM" Loan Category | Buchalter
(6) The underwriting takes into account the monthly payment for mortgage-related obligations, using both the maximum interest rate that may apply during the first five years, and the periodic loan payments of principal and interest that will repay the loan amount over the scheduled loan term or, for adjustable rate loans, the outstanding principal balance over the remaining term of the loan as of the date the interest rate adjusts to the maximum interest rate, assuming the consumer will have made all required payments as due prior to that date. Agency Loans Remain As Covered Transactions L...
Source: jdsupra.com