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Volume 25 - Number 2

January 20, 2014

Bank of the West Swims Against QM Tide to Offer IO Mortgages

While most mortgage lenders continue to insist they won’t originate new loans that fall outside the CFPB’s “qualified mortgage” parameters, one notable exception is San Francisco-based Bank of the West, which recently announced it will continue to offer interest-only mortgages, despite the fact such loans do not qualify for QM status. “We extensively reviewed the CFPB’s rules and found them broadly consistent with how Bank of the West has always done business,” said Paul Wible, senior executive vice president and head of the bank’s...

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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