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Thursday, March 27, 2014

OCC’s Wides: QM Rule Is Opportunity for CDFIs

The exemption for community development financial institutions from the Ability-to-Repay/Qualified Mortgage rule is an opportunity to win mortgage business, OCC Deputy Comptroller Barry Wides said at a conference in Memphis, Tenn.


If a bank is reluctant to make a mortgage loan to a customer because the loan would not meet the requirements for a Qualified Mortgage, would it make sense for a bank to refer the borrower to a CDFI that has an effective program for providing responsible, affordable mortgages? It seems like this could potentially offer a great opportunity for mutually beneficial referral relationships.


Wides also discussed other loan referrals, grants, loan participation and other ways banks can engage with CDFIs.

Read the speech.

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