GAO examined five of the nine qualified mortgage criteria specified in the DoddFrank Act for which sufficient data were available and generally found that, for
each year from 2001 through 2010, most mortgages would likely have met the
individual criteria. The five criteria address payment of loan principal, length of
the mortgage term, scheduled lump-sum payments, documentation of borrower
resources, and borrower debt burden.
The impact of the full set of qualified mortgage criteria is uncertain, partly because data limitations make analysis of the other four criteria difficult and partly because federal agencies could establish different criteria as they develop final regulations. Consumer and industry groups indicated that the criteria specified in the act would likely encourage sound underwriting but could also restrict the availability of and raise the cost of
mortgage credit for some homebuyers.
The full report can be accessed here