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Volume 2014 - Number 2

January 16, 2014

Legal, Reputational Risk Might Discourage Lenders From Originating Non-QM Loans

A lot of prospective homebuyers may be shut out of the market if their mortgage financing can’t pass muster with the Consumer Financial Protection Bureau’s qualified-mortgage standard, congressional testimony this week suggested. Witnesses from The Peoples Bank Company, of Coldwater, OH, and Quicken Loans said during a House Financial Services Financial Institutions Subcommittee hearing this week that their firms plan to stay away from making mortgages that don’t fit into either the safe harbor or the rebuttable-presumption QM boxes. “There is...

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