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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Effect of New Mortgage-Underwriting Rule onCommunity (Smaller) Banks’Mortgage Activity
Author(s): David Vera
Citation: Vera David, (2016)"The Effect of New Mortgage-Underwriting Rule onCommunity (Smaller) Banks’Mortgage Activity," Journal of Applied Business and Economics, Vol. 18, Iss. 6, pp. 101-111
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The Consumer Financial Protection Bureau (CFPB), government agency created through the Dodd Frank Act, enacted the Ability-to-Repay (ATR) and Qualified Mortgages (QM) rule in January 2014. Using a new survey on Community banks from 2014 and Home Mortgage Disclosure Act Data (HMDA) for the years 2011-2014, I look at the effect of the ATR/QM rule on mortgage origination. From the survey responses, we infer that community banks in the sample expected and increase in compliance costs, and a possible decrease in mortgage origination. However, analysis of the HMDA suggests that the ATR/QM rule has not disrupted community banks mortgage origination.
