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The phone has a 5.45-inch HD plus Corning Gorilla Glass 3 display, a 60Hz refresh rate, a 13-megapixel rear camera with support for HDR, an 8-megapixel autofocus front camera, a 3,500mAh battery, a Qualcomm quad-core QM-215 chipset, with 2GB of RAM, and 32GB of expandable storage.

Even though non-QM loans are considered riskier than QM loans, they should not be confused with the subprime loans that were at the center of the housing crisis.

In 2014, in response to the housing crisis, the Consumer Financial Protection Bureau put in place the qualified mortgage or QM rule.

However, loans that would be purchased by Fannie Mae and Freddie Mac are exempt from the maximum debt-to-income ratio of 43 percent set by the QM rule — if borrowers met all other requirements to demonstrate their ability to repay the loan.

The possibility of this exemption, known as the “QM patch,” expiring without modification by the Consumer Financial Protection Bureau is unlikely, according to Cecala and most industry experts.