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Monday, December 16, 2013

Agencies See No Safety and Soundness, CRA Risk on QM

The prudential financial regulators said that banks will not be criticized on safety and soundness or on Community Reinvestment Act (CRA) compliance solely based on whether they offer Qualified Mortgages or non-QM loans.

"The agencies recognize that some institutions may originate only or predominantly QMs, particularly when the Bureau’s Ability-to-Repay Rule first takes effect," they said.

Residential mortgage loans will not be criticized on safety and soundness grounds based solely on their QM status, regulators said, and a decision to originate only QMs would not of itself adversely affect CRA evaluations.

Read the statement.

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