Congress is debating your ability to obtain mortgage financing

Services for Real Estate Pros with Michele Brown & Associates

Dear Friends, Family and Colleagues:

Congress is currently debating your ability to obtain mortgage financing in the future

I'm writing to let you know a few things about H.R. 3915 - a newly introduced piece of legislation that is going to be debated on the House floor in the coming days.

Commonly referred to as the "Mortgage Reform and Anti-Predatory Lending Act of 2007," this Bill is attempting to make sweeping changes to the way the mortgage market operates.

Here's what it would mean for borrowers if the Bill were to pass as currently drafted:

  • Refinancing transactions would become more difficult and potentially expensive;
  • Closing costs and points paid to lower an interest rate could become "out of pocket" expenses in some cases and not allowed to be included in refinance transactions;
  • Discriminate against borrowers who have had poor credit histories from getting loans that they might otherwise deserve to get;
  • Complicate the loan process for many borrowers as it would eliminate reduced documentation options such as "Stated Income" or "Low Documentation" loans.

Some of the changes proposed by the Bill are positive and intended to protect consumers. For example, the Bill proposes a licensing program and national registry that would track the activity of every originator, both mortgage broker and direct banker lender, in the country. This would allow for bad loans to be traced back to the originator and corrective action to be taken.

But overall this Bill could limit your ability to find a mortgage with the best terms through a trusted mortgage broker or eliminate your ability to obtain mortgage financing as you have in the past.

If you have any questions about the Bill or how it could affect you, please call me to discuss this important piece of proposed legislation.

If you would like to voice your opposition to the Bill right now, please visit the link below and submit your name and email address for this official petition:

If you would like to reach out to a Congressman or Congresswoman to express your concerns, you may find their information at the following link:

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