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New Qualified Mortgage Rules

New Qualified Mortgage Rules

On January 10th 2014 mortgage rules changed in a big way due to the Dodd Frank Wall Street Reform and Consumer Protection Act going into effect.  This act affects both homeowners who want to refinance, as well as anyone looking to purchase a home.   While there are several new rules being implemented, there is one that will by far have the biggest impact on consumers.     Read the rest of this entry

Why would a consumer work with a non-licensed Mortgage Originator?

As I read over the internet each day to see what is new and trending, I came across this great article.  I started thinking, many consumer’s (buyer’s) don’t know the difference or requirements for Licensed Loan Officers and Bank Originator:

Why would a consumer work with a non-licensed Mortgage Originator?

Following the release of the QM and Ability to Repay rules from CFPB, I decided to try to read through the proposed Loan Originator Compensation rules. I found this pretty interesting. Instead of making additional regulations for Mortgage Originators who work at banks or credit unions, why not just make them subject to the SAFE Act and require them be licensed?  Read the rest of this entry

Loan servicers face strict federal rules

WASHINGTON – Aug. 10, 2012 – The government’s consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments. Read the rest of this entry