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Fair Lending and the new QM Rule

Category: Lending
By Jason Skemp    No Comments

It seems that many financial institutions have been very curious about the possible fair lending ramifications if they only make qualified mortgage loans. In an Interagency Statement released this week from the regulatory agencies, they have stated that “the Agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.”

The agencies go on to state that financial institutions will still need to “carefully monitoring their policies and practices and implementing effective compliance management systems.”

With these new rules fast approaching, this would be a good time to look over your real estate lending policies, procedures, and practices in light of fair lending risk.

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