Volume 2014 - Number 1
January 9, 2014
Lenders Large and Small Plan on Offering Non-QMs To Well-Qualified Borrowers
When the Consumer Financial Protection Bureau was working on the definition for qualified mortgages, some warned the regulator that only QMs would be available after the standards took effect. However, with the QM era set to begin Friday, a number of lenders will offer non-QMs even though such originations will come with increased liability. While interest-only mortgages dont meet QM criteria, the loans will continue to be offered by lenders large and small. The government-sponsored enterprises wont buy them, so the originations will be left to portfolio lenders and those with non-agency sales outlets. We will continue making...
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