A non-QM loan is any loan product that doesn’t meet the standards of a qualified mortgage. The difference is that non-QM lenders have more flexibility in underwriting guidelines to work with.
Five years have passed since the Consumer financial protection bureau (cfpb) issued regulations to provide safer and more sustainable home loans for consumers, known as Qualified Mortgages (QMs).  The Dodd-Frank Wall Street Reform and Consumer Protection Act imposed an obligation on lenders to make a good-faith effort to determine that the applicants have the ability to repay the mortgage.
Recent events in credit easing and non-conforming products driving the change. In the aftermath of the subprime credit crisis, two large gaps were left in the consumer mortgage wholesale market that left subprime borrowers unable to obtain the non-qualified mortgage loans they needed in order to purchase a house.
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EXTRA NOTE: Even if a loan is not a qualified mortgage, it can still be an appropriate loan. You can originate any mortgage (whether or not it is a QM) as long as you make a reasonable, good-faith determination that the consumer is able to repay the loan based on common underwriting factors. You can continue to rely on your
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Non-Qualified Mortgage Programs We have several programs to choose from, depending on your customer’s homeownership goals and credit history. primex lowest rates for consumers who nearly qualified for a traditional loan but for some reason "fell out" of that process.
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What Is A Qualified Mortgage April 4, 2016. At the beginning of 2014, the Consumer financial protection bureau (cfpb) officially implemented the qualified mortgage (qm). The QM, along with the Ability-To-Repay (ATR), was designed to provide lenders with additional protections from being left in the lurch if borrowers defaulted on their mortgage.
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