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Financial Overhaul Changes Rules For Consumers
Financial overhaul changes the rules for consumers.
If you're planning to buy a home take note! There are several provisions in the financial overhaul bill that could affect you.
Mortgages
Lenders will no longer be allowed to pay mortgage brokers a commission based on the interest rate for a home loan. Known as the yield spread premium, critics had argued that this fee allowed brokers to guide borrowers towards risky loans with high interest rates. The law effectively bar brokers from receiving any compensation tied to the terms of the loan, other than the principal amount.
The measure also prevents borrowers from paying a portion of their closing costs upfront, and rolling the rest into the loan in the form of a higher interest rate. Under the bill, loan originators will now be required to collect all of their fees upfront or roll the entire amount into the loan.
Prepayment penalties will either be limited or prohibited, depending on the type of the loan. Lenders won't be allowed to impose prepayment penalties on certain types of risky loans, such as loans with a large balloon payment. For 30-year, fixed-rate loans, penalties will be limited to the first three years of the loan.
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