Qualified Mortgage

Qualified Mortgage,

What is Qualified Mortgage?

  • Qualified Mortgage means: A permanent mortgage is one that meets the requirements of credit protection and trading in the secondary market under a key financial reform law passed in 2010, the Wall Street Consumer Protection and Reform Act.

    • A qualifying mortgage is one that meets some of the lender's protection and after-sales dialogue requirements under the Wall Street Dodd-Frank Consumer Protection and Reform Act.
    • The provisions of the Dodd Frank Wall Street Consumer Protection and Reform Act, passed in 2010 that set out rules for eligible mortgages, were designed to protect lenders and the financial system from risky mortgage practices that Participated in the 2007 side crisis.
    • In order to qualify for an eligible mortgage loan, the borrower must meet certain conditions. These terms are designed to determine the borrower's ability to repay their mortgage.

  • Mortgages that meet the new CFPB underwriting guidelines. Also called QM loan.

Literal Meanings of Qualified Mortgage

Qualified:

Meanings of Qualified:
  1. Recognized as a qualified person to perform formally certified jobs.

  2. Not completely or completely limited.

Sentences of Qualified
  1. Newly trained nurse

  2. I can only classify this CD as a mixed hit

Synonyms of Qualified

limited, reserved, contingent, professional, conditional, licensed, certified, circumscribed, equivocal, tentative, certificated, guarded, restricted, bounded, hesitant, cautious, chartered

Mortgage:

Meanings of Mortgage:
  1. Transfer (assets) to lenders as collateral.

  2. A legal agreement in which a bank or other lender lends at interest for the ownership of the lender's assets provided that the transfer of ownership at the time of loan repayment is no longer effective.

Sentences of Mortgage
  1. The farm is in mortgage

  2. I deposited one lakh cash and took out a mortgage from the rest

Synonyms of Mortgage

put up as collateral, credit, guarantee, mortgage, advance, pawn