Underwrite based on a fully amortizing schedule using the maximum rate permitted during the first five years after the date of the first periodic payment.Also, in order for the loan to be a General QM, you must: 22 In addition to the requirements that apply to all four types of QMs – no negative amortization, no interest-only payments, no loan terms in excess of 30 years, and limitations on points and fees – General QMs may not have balloon payment features. If your credit union does not qualify as a small creditor, you and/or your affiliates can originate the first two types of QMs:ġ) General QM: The first type of QM is a broad category intended for all creditors. If your credit union meets the two criteria to qualify as a small creditor, you and/or your affiliate(s) can originate all four of the following types of QMs.
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