[Anonymous]

I’m under the impression that there is an exemption for verifying repayment ability within 7 years if you’re a lender that’s in a predominately rural or underserved area. 😆 (i.e. You can do 5 year balloons instead of 7 years and verify the 5 year repayment ability) unfortunately I’m having a hard time locating this exemption or whatever you’d like to call it. I can find it in the proposed guidelines, but that’s not really helpful right now.

Any help would be appreciated. 😯
Thanks

Topic

[jholzknecht]

The Dodd-Frank Act contains the exemption you describe, but we do not have final regulations yet. At this time balloons with a term of less than 7 years continue to be a problem.

[Anonymous]

Thanks!

[Author]

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