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January 7, 2014

CFPB Goes Myth-Buster on Pending Mortgage Rules

By Thomas Ressler

In fact, the ATR rule “does not require lenders to offer any specific type of mortgage,” the guide says. “Lenders can offer any mortgage they believe a consumer has the ability to repay, as long as they have documentation to back up their assessment.”

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.

47%

Yes, by a lot.

5%

Yes and, heck, we may even do non-QM lending.

14%

No, not at all.

26%

No and we may even tighten credit.

7%