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Qualified Mortgage Update

Qualified Mortgage Update January 2014 Information contained in this document is proprietary to Quicken Loans Inc. and may not be reproduced or disclosed without written authorization. This information is provided solely for educational purposes and provides general information. It is not legal advice and should not be relied upon. Please consult your attorney. ATR AND QM Rule Ability-to-Repay (ATR) Rule: Lenders are required to make a reasonable, good-faith determination that the client has a reasonable ability to repay the loan according to its terms. A creditor can satisfy this ability to repay requirement by verifying 8 underwriting factors Qualified Mortgage (QM) Rule: A loan is a QM loan based on the loan features, points and fees and underwriting requirements.

Qualified Mortgage Update . January 2014 . Information contained in this document is proprietary to Quicken Loans Inc. and may not be reproduced or …

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