New Market Mortgages with Scott Shenton
Imagine that you’re playing a game where the rules constantly change, and everybody is always confused about them (including the rule makers). Welcome to the 2014 mortgage industry! Here’s the inside scoop: federal regulators came out with “final” mortgage rules in January 2013. They gave the mortgage industry a full one year to comply. Then, the regulators literally changed the rules 4 times since then. The latest changes came out in November, 2013… just two months before the deadline for compliance.
We asked the regulators for a final, final, final version of the rule so that we could read it in its entirety without getting confused by all the different versions. Their staff-lawyers replied, “Good idea! We don’t have a final, final, final version of this created yet, but if you figure it out, please send us a copy!” This is NOT a joke. No wonder why everyone is so…
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