Finance
Indiana's Dodd-Frank Act implementation affects qualified mortgage (QM) standards by requiring:
AAll Indiana mortgages to be QM
BLenders to ensure borrowers have the ability to repay (ATR) and defines 'safe harbor' QM standards✓ Correct
CAll Indiana lenders to be federally chartered
DMandatory mediation before foreclosure
Explanation
The Ability-to-Repay (ATR) rule under Dodd-Frank requires lenders to make a reasonable, good-faith determination that a borrower can repay the loan. Loans meeting QM standards get a legal safe harbor from ATR liability.
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