 |
Code of Federal Regulations (Last Updated: May 6, 2024) |
 |
Title 24 - Housing and Urban Development |
|
Subtitle B - Regulations Relating to Housing and Urban Development |
|
Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
|
SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
|
Part 201 - Title I Property Improvement and Manufactured Home Loans |
|
Subpart A - General |
§ 201.7 - Qualified mortgage.
Latest version.
-
§ 201.7 Qualified mortgage.
(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]