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Financial Reform Legislation

The lender "must make a reasonable and good faith determination based on verified and documented income that the consumer has a reasonable ability to repay the loan".

1. There is a "presumption" of compliance (not a safe harbor) for loans that meet the qualified residential mortgage definition and have a 3% cap on fees. All upfront government insurance fees are excluded.
2. There will be a higher threshold for lower balance loans.
3. One of the likely outcomes of the enactment of the "ability to repay" standard is the increase in premium pricing to avoid the 3% cap on fees. 

 

 

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:: Apply Online :: First Time Home Buyer :: Interest Rates :: Loan Programs :: Pre-Qualify :: Refer Friends & Family :: Calculators :: Rate Alert :: Request Loan Status :: application checklist :: Buying a Home :: Forms :: Frequently Asked Questions :: HARP :: Loan Process :: Refinance :: Consumer Tips :: Testimonials :: Single Property Websites :: About Us :: Career Opportunities :: Crown Insurance :: Direct Mortgage Payment Authorization :: Loss Mitigation Program :: Chicago Mortgage Facts :: Library :: Tell-A-Friend :: Update Profile :: Tax Information ::

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