Qualified Mortgages - Response

Please see the Legend to understand the conventions used to document each object and field. Note that for responses, the XML objects are documented in the order that they appear in the response.

🟥 Data

This is the root object of the QM response, and is required. This contains child objects which specify the particulars of the already computed loan which is being examined to see if the data is QM compliant. The following fields and child objects of the Data object are as follows:

Fields: None

Objects: 🟥 Errors[], 🟥 Warnings[], 🟦 IsQm, 🟦 AprTrigger, 🟦 FeaturesTrigger, 🟦 PointsFeesTrigger 🟦 SmallCreditorBalloonTrigger

🟥 Data.Errors[]

The Errors[] field contains an array of Strings which describe any errors encountered while handling the request. If the length of the Errors[] Array is zero (0), then the module processed the request successfully, and the Data object can be further processed by the calling application for the returned data.

On the other hand, if the length of the Errors[] Array is greater than zero (0), then this indicates that an error condition has been detected, and the calling application should not process the respons Data object further. In this case, the contents of the Errors[] array will describe the error(s) encountered.

Typical errors include the omission of 🟥 required fields, invalid field values, etc.

🟥 Data.Warnings[]

The Warnings[] field contains an array of Strings which describe any warnings generated by the module handling the request. The most common warnings returned by modules inform the calling application that the module does not recognize a specified field (which may help to isolate a field name spelling error in the calling application's code). Note that field names which start with "//" will bre treated as comment fields by the SCE, and no warnings will be generated for these unrecognized fields.

🟦 IsQm

Qualified mortgage designation is specified by the value of this object. For a legal description of qualified mortgages, refer to §1026.43(e).

true means the loan has been assessed as a qualified mortgage. false means one of the field triggers below has been violated.

🟦 Triggers

The fields of this object detail which, if any, of the four Qm triggers have been violated.

Fields: 🔸Apr, 🔸Features, 🔸PointsFees, 🔹SmallCreditorBalloon

Objects: None

🔸 Apr

The value of this required boolean field identifies whether or not the Apr - Apor spread has disqualified the loan from being considered a qualified mortgage.

True means the AprTrigger has been violated. False means the loan is not disqualified over a Spread violation.

🔸 Features

The value of this required boolean field is true if the FeaturesTrigger has been violated, false otherwise.

🔸 PointsFees

The value of this required boolean field is true if the PointsFeesTrigger has been violated, false otherwise.

🔹 SmallCreditorBalloon

The value of this optional boolean field is true if the SmallCreditorBalloonTrigger has been violated, false otherwise.

Note that this field will not be present unless the request's QmType field is set to SmallCreditor, and the request contains the SmallCreditorBalloon object.

🟦 AprTrigger

The fields of this object expose the determination of the Apr field value. AprTrigger contains the following fields:

See §1026.43(e)(2)(vi) for more.

Fields: 🔸Spread, 🔸SpreadCap, 🔸Enforced,

Objects: None

🔸 Spread

The value of this required decimal field represents the difference between the Apr and the Apor. This spread is a basis for determining whether or not a loan qualifies as a Qualified mortgage.

🔸 SpreadCap

The value of this required decimal field represents the Apr - Apor threshold beyond which a loan is disqualified from being considered a qualified mortgage.

🔸 Enforced

The value of this required boolean field represents whether or not exceeding the SpreadCap can disqualifies a loan from being recognized as a qualified mortgage.

If the QmType is General, the Enforced field is true.

If the QmType is SmallCreditor, the Enforced field is false.

🟦 FeaturesTrigger

This object itself contains no data. The fields of this object expose the determination of the Features field. Any field being True violates conditions for a loan being a qualified mortgage. FeaturesTrigger contains the following fields:

Fields: 🔸Balloon, 🔸BalloonEnforced, 🔸DeferredPrincipal, 🔸LoanTermTooLong, 🔸NegativeAm

Objects: None

🔸 Balloon

The value of this required boolean field represents whether or not the Balloon Trigger prohibition has been tripped. If the value this field is identical to the value of the HasBalloon input field.

See §1026.43(e)(2)(i)(C).

🔸 BalloonEnforced

The value of this required field is false when the QmType field is SmallCreditor, HasBalloon is true, and object SmallCreditorBalloon exists; otherwise, the value is true. In other words, loans with balloons do not qualify as qualified mortgages except those specified as small creditor balloons.

See §1026.43(f).

🔸 DeferredPrincipal

The value of this required field is identical to the request value of HasDeferredPrincipal. As with the other fields of the Features object, if the value of this field is true, the loan may not be considered a qualified mortgage.

See §1026.43(e)(2)(i)(B).

🔸 LoanTermTooLong

If the value of the request field, TermInYears, is greater than 30, the value of this field is true; otherwise, the value is false.

See §1026.43(e)(2)(ii) for more information on this stipulation.

🔸 NegativeAm

The value of this required field is identical to the request value of HasNegativeAm.

See §1026.43(e)(2)(i)(A) for more information on this stipulation.

🟦 PointsFeesTrigger

This object itself contains no data. The fields of this object expose the determination of the PointsFees field for the determination of whether or not a loan qualifes as a qualified mortgage. PointsFeesTrigger contains the following fields:

Fields: 🔸TotalPointsFees, 🔸MaxPointsFees

Objects: None

🔸 TotalPointsFees

This required decimal field holds the value of the TotalPointsFees from the request payload.

🔸 MaxPointsFees

This required decimal field holds the value of the maximum points and fees threshold as determined by the values listed in §1026.43(e)(3), adjusted for CPI.

🟦 SmallCreditorBalloonTrigger

This object itself contains no data. The fields of this object expose the determination of the SmallCreditorBalloon field for the determination of whether or not a loan qualifes as a qualified mortgage. SmallCreditorBalloon contains the following fields:

Fields: 🔸AmortLoanTermTooLong, 🔸HasRateIncrease, 🔸LoanTermTooShort,

Objects: None

🔸 AmortLoanTermTooLong

If the value of the request field, AmortTermInYears, is greater than 30, the value of this field is true; otherwise, the value is false. See § 1026.43(f)(1)(iv)(A) for more information on this stipulation.

🔸 HasRateIncrease

The value of this required field is identical to the request value of HasRateIncrease.

🔸 LoanTermTooShort

If the value of the request field, TermInYears, is less than 5, the value of this field is true; otherwise, the value is false. See §1026.43(f)(1)(iv)(C) for more information on this stipulation.