Introduction
This topic contains information on Upfront point and fees, including:
·QM loan requirements
·Non-QM loan requirements
QM loan
To make sure borrowers don't pay very high fees, a lender making a Qualified Mortgage can only charge up to the following upfront points and fees:
§ For a loan of $100,000 or more: 3% of the total loan amount or less.
§ For a loan of $60,000 to $100,000: $3,000 or less.
§ For a loan of $20,000 to $60,000: 5% of the total loan amount or less.
§ For a loan of $12,500 to $20,000: $1,000 or less.
§ For a loan of $12,500 or less: 8% of the total loan amount or less.
Non-QM loan
Under the CFPB's rules, only Qualified Mortgages have a limit on points and fees. Lenders are not required to make Qualified Mortgages, so they can charge higher points and fees if they choose.
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