We start off the year with new mortgage rules going into effect January 10th. Coming out of the Dodd - Frank act of 2010 the Consumer Financial Protection Bureau (CFPB) has adopted rules that are designed to ensure that loans are provided only to people who can repay them. Seems obvious, right? Lenders will now be required to prove that they are doing this. The biggest change for Loan Originators is that from now on our names and license numbers will be on the property deeds that are recorded with the county. If there is ever any question about the mortgage terms, they will be easy to be found through their NMLS number. One more item of change is the debt to income ratio cap of 43%. The exception to this cap is if the loan qualifies to be sold to Fannie, Freddie, FHA or GSA the dti can be whatever the automated findings from these entities allow. It will affect jumbo borrowers. Rates are still great! One of our buyers got locked in at 4.25% this week!
Posted on: Thu, 16 Jan 2014 18:53:53 +0000
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