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Volume 25 - Number 5

March 3, 2014

Small Banks Are Most Concerned About CFPB, Mortgage Rules

The Dodd-Frank Wall Street Reform and Consumer Protection Act is proving to be a burden to small banks throughout the country and threatens to cut off a variety of product offerings for many of the borrowers they serve, according to a new study by George Mason University's Mercatus Center. "Our initial analysis suggests that Dodd-Frank is having significant effects on small banks and their customers. A large majority of small banks view Dodd-Frank as more burdensome than the Bank Secrecy Act, a regulatory regime that banks widely regard as very burdensome," said the study, which was prepared by a trio of academics, including senior research fellow Hester Peirce, former senior counsel to Sen. Richard Shelby, R-AL, on the Senate Banking, Housing and Urban Affairs Committee.

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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