Qualified Borrower
A borrower who meets specific creditworthiness and income criteria required for loan approval.
Qualified Mortgage (QM)
A type of loan that meets certain standards set by the Consumer Financial Protection Bureau (CFPB), designed to protect borrowers and ensure they have the ability to repay.
Qualifying Ratio
A comparison of a borrower’s debt to income, used by lenders to determine eligibility for a loan. It includes front-end (housing) and back-end (total debt) ratios.
Quitclaim Deed
A legal document used to transfer a person's interest in real estate without making guarantees about the property’s title — often seen in servicing or foreclosure contexts.
Quarterly Statement
A loan or account summary provided every three months, detailing payments, interest, and balances.