8 The new seven types of residential household-pick finance one to banks is actually expected to look at was GSE-qualified, bodies, QM non-jumbo low-GSE-qualified, QM jumbo, non-QM jumbo, non-QM low-jumbo, and you may subprime. The phrase good QM is actually introduced on the 2013 Financial Statutes beneath the Details inside the Credit Operate (several CFR Area , Regulation Z). The high quality for a QM excludes mortgage loans having mortgage properties such as for instance because the bad amortization, balloon and you will notice-just payment schedules, terms surpassing thirty years, alt-An effective if any records, and total affairs and you can charge one surpass 3 percent of amount borrowed. Weiterlesen