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Small Institutions Fear Non-QM Lending

Community banks, credit unions concerned about litigation, regulation

May 28, 2013


Community bankers and credit unions are leery of stepping outside the qualified mortgage designation, with some planning on scaling back originations. Among their concerns are aggressive bank examiners and eager attorneys.

The director of the Consumer Financial Protection Bureau, Richard Cordray, has urged small financial institutions to maintain lending as they have in the past, even if their loans don't meet QM requirements.

But such entities are concerned about being blamed for defaults by litigators and regulators. They also worry about being able to unload such mortgages down the road since Fannie Mae and Freddie Mac won't purchase non-QM loans.

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