New FHA Regulations Have Some Lenders Up in Arms
Posted by admin on June 8, 2008 in Finance :: Loans / Lease
The recently proposed rules for lenders to protect consumers are coming under attack by some agencies, including the American Bankers Association, the National Association of Home Builders, the Mortgage Brokers Association, and others. The rules would require them to prove that its customers have sufficient money to pay the mortgage and stop advertising that may mislead them. Lenders are arguing that some of the restrictions will result in more paperwork being filed and more lawsuits, which will raise mortgage costs. Thousands of comments have come in from various leaders in the mortgage and lending industry. Time will tell if the new rules will truly protect consumers. fha refinance loans
