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LL 2013-05: Qualified Mortgages

The Federal Housing Finance Agency (FHFA) has instructed Fannie Mae and Freddie Mac to limit the acquisitions of qualified mortgage loans that fall under the ability to pay rule issued by the Consumer Financial Protection Bureau. They have also limited the number of acquisitions for loans that are exempt from the ability to repay requirements. These instructions apply to mortgages with applications on or after January 10, 2014.  For more information, see Lender Letter 2013-05.

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