lending: New MN lending laws and stated income loans
- 06/14/07 08:25 AM
It certainly has been an interesting year so far in the mortgage industry. A slowing mortgage market, blistering commentary on a daily basis from the nation's press, a dramatic increase in foreclosures, restrictive new guidelines from lenders, and rising interest rates. Whew. Oh yeah I almost forgot that Minnesota introduced one of the most restrictive lending environment's in the nation with it's new predatory lending law. Stated income would be greatly restricted under the new lending laws. State income loans directly affect self-employed, commissioned, and it can also affect individuals with big bonuses. There are a lot of high net worth … (3 comments)
It certainly has been an interesting year so far in the mortgage industry. A slowing mortgage market, blistering commentary on a daily basis from the nation's press, a dramatic increase in foreclosures, restrictive new guidelines from lenders, and rising interest rates. Whew. Oh yeah I almost forgot that Minnesota introduced one of the most restrictive lending environment's in the nation with it's new predatory lending law. ;)
;)
