{"id":4198,"date":"2017-08-27T18:27:02","date_gmt":"2017-08-27T22:27:02","guid":{"rendered":"http:\/\/wp2.fastforwardstories.com\/?p=4198"},"modified":"2017-09-05T14:52:30","modified_gmt":"2017-09-05T18:52:30","slug":"what-does-ability-to-repay-mean","status":"publish","type":"post","link":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/what-does-ability-to-repay-mean\/","title":{"rendered":"What Does Ability To Repay Mean?"},"content":{"rendered":"<p><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 28px 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_nn69ly04py videoFoam=true\" style=\"height:100%;width:100%\">&nbsp;<\/div>\n<\/div>\n<\/div>\n<p>What are the \u201cAbility to repay\u201d rules about?<\/p>\n<p>In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment\u00a0of a borrower\u2019s capacity to pay back their loan over time.<\/p>\n<p>It\u2019s a longer-term view\u00a0that goes beyond immediate income, debt and credit rating.<\/p>\n<p>These new Federal laws- supervised by the CFPB &#8211;\u00a0require lenders to ask more questions &#8211;<\/p>\n<p>about income, assets,\u00a0employment, credit history,\u00a0and monthly expenses &#8211;<\/p>\n<p>as they relate to the proposed loan.<\/p>\n<p>For example, a lender offering a mortgage with a low initial rate\u00a0must try to assess how a borrower will handle\u00a0the later, higher rate as well.<\/p>\n<p>If you\u2019re applying to borrow\u00a0ask whether the program you\u2019re considering\u00a0is a Qualified Mortgage<\/p>\n<p>Ability-to-repay rules are built in\u00a0to loans that meet Qualified Mortgage guidelines.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What are the \u201cAbility to repay\u201d rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment\u00a0of a borrower\u2019s capacity to pay back their loan over time. It\u2019s a longer-term view\u00a0that goes beyond immediate income, debt and credit rating. These new Federal laws- supervised by the CFPB [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[22],"tags":[17],"_links":{"self":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/posts\/4198"}],"collection":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/comments?post=4198"}],"version-history":[{"count":1,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/posts\/4198\/revisions"}],"predecessor-version":[{"id":4871,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/posts\/4198\/revisions\/4871"}],"wp:attachment":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/media?parent=4198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/categories?post=4198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/lkntitle\/wp-json\/wp\/v2\/tags?post=4198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}