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More 'Exotic' Loans Coming into Mortgage Portfolios.(Adjustable Rate Mortgage)(Brief article)
Washington -- Even though federal regulators are warning about the risk of payment-option ARMs and interest-only loans, mortgage bankers aren't backing away from the products one bit.
According to exclusive survey figures compiled by Mortgage Servicing News, residential funders originated $218 billion in IO mortgages in the fourth quarter and $78 billion in POAs.
MSN and its affiliate, the Quarterly Data Report, found that IOs accounted for 25% of all mortgages funded in the fourth quarter.
POAs accounted for almost 9% of residential loans.
Regulators are particularly concerned about POAs, fearing that rate adjustments and negative amortization, might in time, overwhelm borrowers who misunderstand how the products work.
Mortgage bankers, for the most part, have defended the loans, maintaining that they are properly underwriting these "exotics."
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