While reform was needed for the out of control lending environment, the government is destroying what is left in the fragile housing market with new guidelines that only seem to hurt the consumer.
HUD has announced a new guideline that states if the borrower has officially disputed anything on there credit report they must retract there dispute even if it was an error on the credit report or they will not get a mortgage. Also it takes weeks to get the dispute removed and that can kill the loan process.
On April 1st the Dodd-Frank Financial Reform Bill was passed. This caps the amount loan officers can earn per loan transaction. But this hurts consumers because loan officers cant help cover closing costs for borrowers or reduce there interest rate.
These changes do not help the consumer, it just makes it harder to get a mortgage and creates more out of pocket expense.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
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