Joel Bisaillon Jr, Vice President and Sales Manager, KeyBank Mortgage

On January 10, 2014, the Ability-to-Repay and Qualified Mortgage Rule of the Dodd-Frank Act was implemented. In short, the rule prohibits lenders from approving a mortgage loan unless they can, according to the Mortgage Banker Association, “make reasonable and good faith determination, based on verified and documented information, that the consumer will have reasonable ability to repay the loan according to its terms. more

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