Mortgage Approval – Changes Since The Financial Meltdown of 2008

  Most, if not all, persons seeking to buy a home are finding the mortgage approval process to be quite frustrating, due to the volume of documentation required by lenders and the length of time before a final approval is received. Yesterday I attended a seminar designed to explain why the mortgage approval process has […]

Consumer Finance Protection Bureau – New Mortgage Lending Standards

Today, the Consumer Financial Protection Bureau (CFPB) issued the final rules designed to strengthen consumer protections for “high cost” mortgages. Here’s the link. http://1.usa.gov/UDjmpM   The CFPB designates non-high cost mortgages as “qualified mortgages.” The CFPB has offered lenders two ways of assuring a loan is a qualified mortgage. A loan will be judged as […]

Consumer Finance Protection Bureau – Preview of New Home Lending Standards

As reported in the January 8, 2013 edition of The Wall Street Journal, the new federal Consumer Finance Protection Bureau is expected to issue new home-lending rules this week. The purpose of the new rules will be to prevent future real estate bubbles and outlaw the somewhat exotic loan products that some blame for the […]