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Items Tagged with 'qualified mortgage'

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Democrats push new bill allowing community banks to exceed QM rule

Bill has broad support among Democratic committee members
The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections. Most notable among the bill’s provisions is a stipulation that would allow smaller banks to exceed the QM rules while still qualifying for QM Safe Harbor.
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How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight
During one of the last panels at the MBA Annual Convention, a group of lenders was cautiously optimistic about the future, noting that while progress has been made, more clarifications are needed for a significant increase in non-QM lending.
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On Q Financial launches non-QM lending program

Seeks to fill gap created by regulatory standards
According to the company, On Q Financial’s new program includes solutions for self-employed or recently retired borrowers, individuals with a short credit history or flawed credit from a past short sale or foreclosure.
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MountainView set to invest in “non-prime” mortgages

Seeks to capitalize on underserved market
“The company is responding to demand in the origination market that is not being met by lenders who have significantly tightened underwriting requirements and are adversely affecting consumers who can in fact demonstrate the ability to repay their home loans,” MountainView said in a release.
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Macquarie funds Impac non-QM originations

Fuels expansion into non-qualified mortgage space
“Our successful history originating this type of product, combined with our relationship with Macquarie, will allow Impac to make an immediate impact in the non-qualified mortgage space,” Joseph Tomkinson, chairman and CEO of Impac, said.
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Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending
According to new analysis from the Housing Finance Policy Center team at the Urban Institute, there has been “surprisingly little impact” on the mortgage origination numbers since QM went into effect in January.
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New Penn Financial enters non-QM lending

Product appeals to high-end customers
New Penn Financial entered into the burgeoning non-Qualified Mortgage territory and introduced the Home Buyer Power product. The product appeals to high-end customers who may be paying expensive metro-area rents.
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