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In Response To:
Thread Starter: Anonymous
Title: Re: Construction/Permanent Single Closing - General QM

I'm sorry, but I am still confused. If we have a one time close that stays as an ARM loan once the loan enters the permanent phase and the interest rate adjusts within five years, we need to do a special APR calculation using the maximum interest rate that applies during the first five years?

This would probably eliminate most of our ARM loans from General QM classification since the interest rate could increase 3-6% by year 5, particularly on 1/1 ARMs.

Thanks for the clarification.