In order to ensure that borrowers have an ability to repay residential mortgages,the new consumer protection legislation requires lenders to do all of the following except

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The new consumer protection legislation requires lenders to verify the income and job status of the borrower, as well as check their credit history in order to ensure the borrower's ability to repay the residential mortgage. However, there is no requirement to verify that the borrower can read and understand a loan contract, although lenders are encouraged to provide clear and accurate information to borrowers.

In Order to Ensure That Borrowers Have an Ability to Repay