law: Legislation changes in MN for mortgages effective August 1st, 2007
- 07/19/07 05:59 AM
Effective August 1, 2007, three anti-predatory legislative bills (H.F. 1004, S.F. 988, and S.F. 2096) enact changes designed to curb home foreclosures and mortgage lending fraud. Many Minnesota lenders are taking a conservative approach by choosing, at least for now, to purchase only full documentation loans. Others are stating that "no income, verified assets" will be acceptable. However, all lenders are wanting to see that we have established a borrower's "reasonable ability to repay the loan." As we move closer to the August 1 effective date, more investors are issuing statements describing their position on the effect of the legislation. While most … (2 comments)
My blog is all about mortgages and real estate with a spattering of community specific information about Cambridge, Minnesota, Isanti County, or surrounding areas. I will also have a few blogs about being a Mom in Real Estate and other personal items, but will only post to those specific groups. I hope you enjoy reading the spillage of my brain.
Effective August 1, 2007, three anti-predatory legislative bills (H.F. 1004, S.F. 988, and S.F. 2096) enact changes designed to curb home foreclosures and mortgage lending fraud.
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