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Volume 2014 - Number 1

January 9, 2014

Lenders Large and Small Plan on Offering Non-QMs – To Well-Qualified Borrowers

When the Consumer Financial Protection Bureau was working on the definition for qualified mortgages, some warned the regulator that only QMs would be available after the standards took effect. However, with the QM era set to begin Friday, a number of lenders will offer non-QMs even though such originations will come with increased liability. While interest-only mortgages don’t meet QM criteria, the loans will continue to be offered by lenders large and small. The government-sponsored enterprises won’t buy them, so the originations will be left to portfolio lenders and those with non-agency sales outlets. “We will continue making...

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