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#2270895 - 05/25/22 07:52 PM QM Status
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 69
To confirm, jumbo loans held in portfolio are Non-QM?

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Ability to Repay/Qualified Mortgage Rule
#2270897 - 05/25/22 07:54 PM Re: QM Status SallyGirl
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,254
Galveston, TX
Why would that be?? There are no loan limits on a QM mortgage.
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#2270899 - 05/25/22 08:01 PM Re: QM Status SallyGirl
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 69
All meet ATR , so designation is General QM?

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#2270903 - 05/25/22 08:06 PM Re: QM Status SallyGirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,254
Galveston, TX
Which General QM - the legacy one that sunsets this year or the new one? The new one is based on APOR spread, points and fees, no toxic features and a general ability to repay.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2270904 - 05/25/22 08:32 PM Re: QM Status SallyGirl
rainman Offline
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rainman
Joined: Nov 2004
Posts: 3,076
That is the best short description of the new rule that I have heard!
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