§ 201.7. Qualified mortgage.
111 words·~1 min read·
/us/cfr/t24/s§ 201.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Qualified mortgage. A mortgage insured under section 2 of title I of the National Housing Act (12 U.S.C. 1703), except for mortgage transactions exempted under § 203.19(c)(2), is a safe harbor qualified mortgage that meets the ability to repay requirements in 15 U.S.C. 1639c(a).
(b)Effect of indemnification on qualified mortgage status. An indemnification demand or resolution of a demand that relates to whether the loan satisfied relevant eligibility and underwriting requirements at the time of consummation may result from facts that could allow a change to qualified mortgage status, but the existence of an indemnification does not per se remove qualified mortgage status. \[78 FR 75237, Dec. 11, 2013\]
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Cited by 8 sections · top 6
register
- NoticesProposed rule
- NoticesFinal rule; official interpretation
- Rules and RegulationsAnnouncement of HUD's qualified mortgage rule's annual threshold adjustments
- Presidential DocumentsProposed rule; request for public comment
- Rules and RegulationsAnnouncement of change to HUD's exempted transaction definition
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