Federal Mortgage Reform passes the House
Posted by admin under: Main Nov 18The US House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 with a vote of 291-127. It is now headed to the Senate for approval. There are many opinions on this new bill and how it will affect lenders and consumers.
If passed and approved by the President, the bill will create a national licensing system for all loan officers and mortgage lenders, end Yield Spread Premiums and ban loan officers from originating loans that borrowers don’t have the ability to repay. I am guessing that Stated Income, No Ratio and No Doc Loans will take a hit. North Carolina recently passed the North Carolina Residential Mortgage Fraud Act that goes into effect on January 1, 2008.
Here is what others are saying about the proposed federal legislation:
- The Truth About Mortgages
- Appraisal Scoop
- Bankrate Mortgage Blog
For the times they are a-changin’
Source: Federal Mortgage Reform passes the House
Sunday, November 18th, 2007 at 3:36 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.