New Lending Rules Accentuate

By
Mortgage and Lending with Veterans United Home Loans NMLS #1907 NMLS# 261072

 

Real estate agents have been somewhat absent in the whole debate over the qualified mortgage lending and ability-to-repay rules, but they are not immune from the consequences. With the lending guidelines taking effect, it’s definitely time for the consumer-side of the real estate business to get knowledgeable enough to help homeowners who may find themselves facing new outcomes when they apply for a home loan. Realtors are definitely impacted by new lending rules. How, you ask?

 

After all, Realtors have never handled the loan approval process; and it’s not up to them whether a client gets a loan or not. At most, they are a referral service when it comes to the lending side of the equation. But the reality is they are impacted. If they don’t want to waste your time or your client’s, it’s crucial for a Realtor to know how the lending process is changing. A lender – may advise Realtors to skip the conditional pre-qualification process (which is quicker and easier) and move directly to a pre-approval before taking a client out to look for houses.

 

Source: HousingWire

 

.Note:  The new era of regulatory changes definitely make obtaining pre-approvals more important for a prospective home buyer.  McLean Mortgage Corporation is the industry leader in this sector through its unique LoanFirst™ Program.

Contact us if you would like more information regarding procuring a LoanFirst™ pre-approval or have a client in need of this service.

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