Finance
Under the Dodd-Frank Act, a Qualified Mortgage (QM) in Missouri must NOT have which of the following features?
AFixed interest rate
BNegative amortization, interest-only payments, or balloon payments (with certain exceptions)✓ Correct
C30-year term
D20% down payment
Explanation
Qualified Mortgages under the Dodd-Frank Act cannot have negative amortization, interest-only payments, balloon payments (with limited exceptions for small lenders), or terms exceeding 30 years.
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