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What if I Don’t Meet the Ability-to-Repay and Qualified Mortgage Rules?

You have options if you don’t fall within the Qualified Mortgage guidelines. There are lenders that do not sell their mortgages; therefore they have more say in the types of mortgages offered and their mortgage approval guidelines. It gives that lender a chance to personally weigh in on the borrower’s particular situation. But don’t take that to mean that these lenders won’t have guidelines of their own to follow. Every lender may be different. Make sure that you’re comfortable with the loan terms, rates and fees before closing on any mortgage.

About Dollar Bank

Dollar Bank will continue to make mortgages for a broad range of borrowers, both those who meet the Qualified Mortgage requirements as well as those who may fall outside of those guidelines.

Mike Henry, Senior Vice President of Residential Lending at Dollar Bank explains how the bank handles Qualified Mortgage Regulations:

“Our plan is to continue to do our mortgage business as we have in the past. Our goal is to get all qualified borrowers into a home whether they meet the new mortgage regulations or fall outside of these new limits. As a lender who is able to keep loans in our portfolio, we are not dependent upon the need to originate loans for sale to Fannie Mae or Freddie Mac as is mandated by the Qualified Mortgage Legislation. We are able to originate portfolio loans outside of these guidelines for borrowers who meet our underwriting guidelines, just as we have been doing for years.”

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