Answer:
The Temporary Balloon Qualified Mortgage Option expired on April 1, 2016. If you currently verify your borrower's ability-to-repay using this option, an alternative option must be selected immediately. Selecting a new option may be an easy task or an extremely complicated process, depending on the options available to your institution..
Learn more about Jack and Kelly’s webinar Untangling the Web of Fee Disclosures.
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