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Hi. We qualify as a Small Creditor who processes Balloon Payment QMs. We have always run these at 62 months (61 monthly payments + 1 balloon payment). Today our Loan Officer wants to run the loan at 36 months instead (35 months + 1 balloon). Is there any reason we can’t do this? I thought we’d lose the QM status if we ran TRID balloons less than 62 months. How would this affect Ability to Repay calculation? I thought we’d have to include the balloon payment in the calculation but in researching this today one bit of info said no. Thanks in advance for your help!
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