The Consumer Financial Protection Bureau last week warned that a large downpayment alone is not enough to prove the ability to repay a non-qualified mortgage when the loan was underwritten based on the consumer’s assets. “As an initial matter, a downpayment cannot be treated as an asset for purposes of considering the consumer’s income or assets under the ATR rule,” said the CFPB. “The ATR rule requires creditors to consider a consumer’s reasonably expected income or assets, ‘other than the value of the dwelling, including any real property attached to the dwelling that secures the loan.’” Further, while the size of a downpayment generally affects the loan amount, the ATR rule already accounts...

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The regulator cautioned that a large downpayment alone isn’t sufficient to prove a borrower’s ability to repay a non-QM that is based on the consumer’s assets.