There’s life outside of QM, Cordray says

While some question whether lenders will write loans that fail to meet the qualified mortgage standards set forth under the Consumer Financial Protection Bureau’s new ability-to-repay rule, CFPB Director Richard Cordray says responsible loans can be made outside of QM. He urged credit unions that helped “write the book” on responsible underwriting to lend to qualified borrowers who may have difficulty obtaining credit. Read on to learn what Cordray had to say about the non-QM space.