Dodd Frank

So my head is swimming from the two classes I have attended in the last two days on how this is going to affect me as a REALTOR.   And it will, but not as much as it will the loan end of buying a house.

 

I understand it is to protect the consumers, and rightfully so, but the fact that the overseeing governing group has to write and enforce some 460 new laws seems like an unattainable feat.

 With this new act, there is a box of must haves, that they, the loan originator, has to fit you into.  It is a lot like it has been in times past, proof of employment, tax records, and the like, but with a few added details that may put some harder to fit in that box.

 They have said that there will be other programs coming back, for those who don’t fit in the box to qualify for the loans.  Of course, it’s at a higher rate.  They said that those who are self employed and affordable housing would be the ones who would probably not be able to fit. (great, that would be me)

 
It will work out, usually does; it’s just the hiccups in the beginning that are hard. This is just my option--- it, and several dollars may buy coffee somewhere.....

For an overview of why this is happening you can go to:

http://www.banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf