We received a wonderful explanation of what the new mortgage regulations (effective Jan 10) mean from our in-house lender, Tina Shields. Without going into all the specificities, I will say that borrowers (and their agents) should expect:
-- Even more questions by loan underwriters (so if you thought your last loan involved an invasion of privacy, get ready...)
-- Even more needed documentation (you will need a paper box instead of a shoe box to transport it all)
-- Additional checks and balances (this means the lending process will on average be longer)
If you have questions about what this means for you, please don't hesitate to contact us.
Agents, as an aside, PLEASE educate your borrowers so that the expectations of all parties are realistic!
-- Even more questions by loan underwriters (so if you thought your last loan involved an invasion of privacy, get ready...)
-- Even more needed documentation (you will need a paper box instead of a shoe box to transport it all)
-- Additional checks and balances (this means the lending process will on average be longer)
If you have questions about what this means for you, please don't hesitate to contact us.
Agents, as an aside, PLEASE educate your borrowers so that the expectations of all parties are realistic!
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