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Qualified Mortgage (QM)

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Have you ever heard the term 'Liar Loan;' a loan that allowed the borrower or lender to state the income without verification?

Well, a Qualfied Mortgage would be the Liar Loan's more honest counterpart.  In accordance with some legislation created in the wake of the Mortgage Meltdown in 2008, lenders are now required to 'make a reasonable and good faith determination based on verfied and documented information that the consumer has a reasonable ability to repay the loan according to its terms.' 

Essentially, if we can't prove it, we can't lend it and it is a return to the more thorough credit analysis of the past.  The net result should be a continued reduction in loan defaults and a better process of insuring borrowers are placed with the appropriate loan terms.

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