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Volume 25 - Number 7

March 31, 2014

Smaller Lenders Swearing Off Non-QM Lending, CFPB Officials Told

Small community bankers told CFPB officials many of their colleagues are wary of making mortgages that fall outside the parameters of the qualified mortgage definition or are exiting the mortgage business entirely. Addressing two top regulators from the CFPB during the tail end of a session at the American Bankers Associationís government relations conference in Washington, DC, last week, one community banker from Oklahoma reported survey findings that one third of respondents in the state are no longer offering residential mortgages.

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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.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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