Finance
In Missouri, the 'Dodd-Frank Wall Street Reform Act' affected residential mortgage lending by:
AEliminating all mortgage regulations
BEstablishing Qualified Mortgage (QM) standards and ability-to-repay requirements for lenders✓ Correct
CRequiring all mortgages to be fixed-rate
DSetting maximum loan amounts for all states
Explanation
Dodd-Frank (2010) introduced the Ability-to-Repay (ATR) rule and created the Qualified Mortgage (QM) standard. Lenders who meet QM requirements receive legal protection.
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