How the 2014 Mortgage Rules Impact You

New Market Mortgages with Scott Shenton

Mortgage (credit:

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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