Under the Mortgage Reform Act, a qualified mortgage must not allow regular periodic payments to increase the principal balance, must not allow the deferral of principal repayment, must not include a scheduled payment more than twice as large as the average of earlier payments, must not exceed thirty years, and must have total points and fees that do not exceed 3 percent of the total loan amount.

Authors

• Person: Yuqing Li Organization: 7 Pillars Institute
  Financial Ethics 101: Predatory Lending - Seven Pillars Institute

Sources

• Financial Ethics 101: Predatory Lending - Seven Pillars Institute 7pillarsinstitute-org.sevenpillarsconsulting.com Yuqing Li · 7 Pillars Institute via serper

Referenced by nodes (1)

• Mortgage Reform Act concept