If a higher rate with lower Discount Points is not available, Brokers should contact their Account Executive to review. Changes are coming in 2021 to the eligibility requirements for Qualified Mortgage or QM loans. Locks with non-bona fide Discount Points will encounter Compliance Fails in BrokerIQ, and the interest rate will need to be raised in order to reduce the Discount Points to proceed. Starting Adjusted Rate is the Rate closest to PAR. If the Starting Adjusted Rate is greater than the comparable rate +2.00, no points are eligible for exclusion, and the maximum Discount Points are 0.25%. If the Starting Adjusted Rate does not exceed 5.34, you can exclude 1.00 point, and have a maximum of 1.25% in Discount Points charged. If the Starting Adjusted Rate does not exceed 4.34, you can exclude 2.00 points, and have a maximum of 2.25% in Discount Points charged. In this example the Fannie Mae Rate is used for bona fide discount point assessment.
The Fannie Mae Average Rate can be accessed on the following website: North Carolina does not use the Average Prime Offer Rate (APOR) like the QM Test does. The second rule features the newly created Seasoned QMs. The General QM Final Rule replaces the current requirement for General QM loans that the consumers debt-to-income ratio not exceed 43 with a limit based on the loans pricing.
However, the Amended General QM Rule has a mandatory compliance date of July 1, 2021, which means that, for applications received on or after March 1, 2021, but before July 1, 2021, lenders may continue to make GSE QMs or choose instead to make General QMs under the new Amended General QM Rule. For Owner Occupied Loans with a balance of $300,000 or less, up to 2.25% (Agency products) or 0.25% (Non-agency products) may be charged as Discount Points under the North Carolina Max Fee Rule if the bona fide assessment is met. The Consumer Financial Protection Bureau issued two final rules related to qualified mortgages. Both final rules become effective on March 1, 2021. In the state of North Carolina, borrowers may be charged bona fide discount points for the purpose of reducing their interest rate. Broker Marketing Flyers (brokerIQ login required).Bank Statement Calculation Service Form.
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