{"id":4198,"date":"2018-07-30T01:09:04","date_gmt":"2018-07-30T01:09:04","guid":{"rendered":"http:\/\/wp2.fastforwardstories.com\/?p=4198"},"modified":"2018-07-31T13:03:12","modified_gmt":"2018-07-31T13:03:12","slug":"what-does-ability-to-repay-mean","status":"publish","type":"post","link":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/2018\/07\/30\/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_gvz1viztss dnt=1 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">&nbsp;<\/div>\n<\/div>\n<\/div>\n<p>What are the &#8220;Ability to repay&#8221; rules about?<\/p>\n<p>In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment&#160;of a borrower&#8217;s capacity to pay back their loan over time.<\/p>\n<p>It&#8217;s a longer-term view&#160;that goes beyond immediate income, debt and credit rating.<\/p>\n<p>These new Federal laws- supervised by the CFPB -&#160;require lenders to ask more questions &#8211;<\/p>\n<p>about income, assets,&#160;employment, credit history,&#160;and 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&#160;must try to assess how a borrower will handle&#160;the later, higher rate as well.<\/p>\n<p>If you&#8217;re applying to borrow&#160;ask whether the program you&#8217;re considering&#160;is a Qualified Mortgage<\/p>\n<p>Ability-to-repay rules are built in&#160;to loans that meet Qualified Mortgage guidelines.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What are the &#8220;Ability to repay&#8221; rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment&#160;of a borrower&#8217;s capacity to pay back their loan over time. It&#8217;s a longer-term view&#160;that goes beyond immediate income, debt and credit rating. These new Federal laws- supervised by the CFPB [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[19],"tags":[],"_links":{"self":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/posts\/4198"}],"collection":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/comments?post=4198"}],"version-history":[{"count":1,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/posts\/4198\/revisions"}],"predecessor-version":[{"id":5268,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/posts\/4198\/revisions\/5268"}],"wp:attachment":[{"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/media?parent=4198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/categories?post=4198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/secure.titlecompanywebdesign.com\/unitedamericantitleagency\/wp-json\/wp\/v2\/tags?post=4198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}