REAL ESTATE HOME LOANS-WHATS NEW IN REVIEW
A lot has changed in mortgage lending during 2015. If you closed your home loan over 5 years ago, you will find more changes than you can fathom in the loan process today. Just over the last year we have implemented the last phase of the Dodd-Frank Act. The biggest changes in 2015 deal with an additional 3 day wait time after you receive your final closing disclosure (which used to be called the HUD 1 Settlement Statement.) Other changes have to do restrictions on how vendors in the lending and real estate business can have business arrangements and agreements. More of the changes on when a lender can require income and asset documents will become evident in 2016.