20% of Mortgages Would Fail QM Safe Harbor, Vendor Analysis Finds
October 21, 2013
More than one in five loans originated today would not satisfy the criteria for the qualified mortgage safe harbor legal protections under the ability-to-repay rule promulgated in January by the CFPB, according to an analysis by ComplianceEase, a provider of risk management solutions to the financial services industry. The companys analysis also found that more than half of such loans or at least 10 percent of recently originated mortgages have fees that exceed the new 3 percent points-and-fees threshold. Further, Loans...