New Rule for Newly Qualified Mortgages

According to the Wall Street Journal, there’s a new rule regarding the definition of new qualified mortgages. Essentially, the Consumer Financial Protection Bureau has clarified that an officially “qualified” mortgage will be presumed to comply with new ability-to-repay standards. While this may be great for typical borrowers, this could place some unfortunate burdens on those seeking “jumbo mortgages.” For more details, read this article at the WSJ.

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