To be considered a qualified mortgage, the loan must have specific features and meet designated underwriting requirements. Based on your understanding of what constitutes a qualified mortgage, all of the following features describe a qualified mortgage EXCEPT:

The loan cannot have fees in excess of three percent (if the loan is greater than $100,000).

The loan does not require verification of underwriting information from third party records.

The loan cannot exceed 30 years in maturity.

The loan cannot have a debt-to-income ratio greater than 43 percent.