The correct answer is B.

A qualified mortgage, as per the Consumer Financial Protection Act (CFPA), must not have excess upfront points or fees. This is a critical feature of a qualified mortgage and is designed to protect consumers from predatory lending practices. Excess upfront points or fees can significantly increase the cost of the mortgage for the borrower and can lead to financial hardship. By limiting the amount of upfront points and fees, the CFPA ensures that borrowers are not burdened with excessive costs when obtaining a mortgage. This provision also promotes transparency in lending practices, as it requires lenders to clearly disclose all costs associated with the mortgage to the borrower.

Choice A is incorrect. The debt-to-income (DTI) ratio for a qualified mortgage as per the CFPA should not exceed 43%. This means that the borrower's total monthly debt payments, including the mortgage, should not be more than 43% of their monthly gross income. Therefore, a DTI ratio greater than 43% does not meet the criteria for a qualified mortgage.

Choice C is incorrect. The CFPA does not specify a minimum term of 30 years for a qualified mortgage. Instead, it stipulates that the loan term cannot exceed 30 years. This is to ensure that the loan is paid off in a reasonable amount of time.

Choice D is incorrect. Qualified mortgages cannot include risky loan features such as interest-only periods, negative amortization, or balloon payments (with some exceptions for small creditors in rural/underserved areas).