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realfinaincingblogspotcom: TEXAS! IMPORTANT MORTGAGE LEGISLATIVE ITEM NEEDS YOUR ATTENTION! - 05/15/07 12:19 PM

IMPORTANT LEGISLATIVE ITEM NEEDS YOUR ATTENTION!

Has one of your buyers ever got stuck with a higher mortgage rate, because they had to use the builder's Mortgage Company?
There is legislation in the Texas House of Representatives that would prohibit sellers (builders) from making incentives contingent upon using any specific service provider. Builders would no longer be able to steer borrowers to their own mortgage companies.
HB 3798 is legislation to allow the homebuyer to apply any contributions from the builder as inducements to buy the home, not be contingent on specified lenders or mortgage originators. This will give the buyers a fairer position … (2 comments)

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