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Volume 2014 - Number 12

June 6, 2014

ATR’s Documentation Requirements Bite Lender

Officials at Hudson City Bancorp said the jumbo portfolio lender is facing a significant loss of potential originations this year due to the documentation requirements included in the Consumer Financial Protection Bureauís ability-to-repay rule. In January, Hudson City stopped offering mortgages with reduced-documentation standards due to the implementation of the ATR rule. Such loans accounted for 22.0 percent of the lenderís $3.44 billion in production in 2013. ďWe discontinued...

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The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
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We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

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