Quontic Bank, a CDFI bank in New York City, is offering a new "Lite Doc" mortgage product. Like all CDFIs, Quontic is exempt from the new "ability-to-repay," or ATR, rules established under Dodd-Frank legislation. The new Lite Doc mortgages take advantage of that exemption, requiring only verification of employment and two months’ worth of bank statements. In contrast, most loan applications today require two years of 1040 income tax statements, two years of employment W2s and at least four pay stubs, in addition to bank statements and credit checks. The Lite Doc loans take the form of five-year adjustable-rate mortgages with interest rates in the low-to mid-5 percent range.