20% Minimum Down Payment?

New mortgage lending rules announced two weeks ago by the Consumer Financial Protection Bureau (CFPB) have now gone before federal regulators for review.  Regulators say that the final version of the so-called Qualified Mortgage Rule should be complete in a few months and the rule would then take effect January 2014.  Mortgage lenders, bankers, real estate agents and […]

New Mortgage Lending Rules

The Consumer Financial Protection Bureau(CFPB) announced new mortgage lending rules this morning that will go into effect one year from now (January 2014).  These rules aim to protect borrowers from themselves and lenders from litigation. We saw in the housing boom that led up to the Great Recession borrowers who had a pulse were able […]