After many long months of waiting, the Consumer Financial Protection Bureau (CFPB) has finally issued its finalized “qualified mortgage” (QM) rule designed to protect both consumers and responsible lenders. One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which does away with so-called “no doc” and “low doc” mortgages. In addition, the CFPB explained there are two kinds of QMs that have different protective features for consumers and legal consequences for lenders.

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