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Wells Fargo prepares to make loans outside of new qualified mortgage framework
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Wells Fargo, the largest U.S. home lender who was responsible for roughly 20 percent of all mortgages in 2013, is gearing up its staff to originate loans that do not conform to the Consumer Financial Protection Bureau’s (CFPB) new qualified mortgage (QM) rules, Bloomberg has reported.
Wells Fargo has said that they have assembled a staff of 400 underwriters to originate mortgages that the bank will hold in its portfolio. And according to bank officials, up to 40 percent of the mortgages that the bank originates may fall outside of the QM provisions.
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