There has been so much talk about the coming changes to mortgage regulations that it is hard to know what is actually going to take effect on January 10th, 2014. Thankfully a few publications have been able to put things into simple terms so we can understand what is coming—and, more importantly, help buyers know what to expect as they enter the mortgage hunt. Here are a few articles that we found helpful:
RISMedia has a list of the new rules that will have the impact on the greatest number of people, such as the decrease in the FHA loan limit and the ability-to-repay mandate (one of the most talked about topics on all the news talk shows). The Washington Post gives a few examples of people who might not qualify for a mortgage under the new rules and has the regulators themselves respond to these possibilities. For those who want more detail, CoreLogic released a white paper in the fall that goes into greater depth about the state of a sound housing market. CNN also talked to people in the lending business to get their take on the new rules.
The Consumer Finance Protection Bureau, the group that came up with the new rules in the first place, has updated their website to explain what the changes are. They also have an announcement on the sidebar asking for people to ‘help them make mortgage shopping easier’ by becoming a trial user on their site. If anyone in our readership has a client give it a try please drop us a line telling us how the experience went.