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 wont originate new loans that fall outside the CFPBs 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 CFPBs 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 banks...
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