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The Dodd-Frank Act prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and excellent faith, verified determination that the consumer has a reasonable ability to repay the loan. This determination of a consumer’s ability to repay must be based on the following factors: the consumer’s contemporary and expected income and other financial resources excluding equity in the dwelling which secures the loan; employment status; payment of the loan based on a fully amortizing payment schedule and the fully-indexed rate; payment of any simultaneous liens; payment of applicable taxes, insurance and assessments; the consumer’s contemporary obligations; the consumer DTI ratio or residual income; and the consumer’s credit history.
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