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Part 6 of 7: The Ability to Repay Law & Quali...

Welcome to part six of my seven-part series about the big changes that have happened since the mortgage meltdown! Today I’ll discuss the Ability to Repay Law and the Qualified Mortgage Rule. Giving loans to people without validating their ability to repay them is called “blind lending,” and this partially contributed to the 2008 market […]

Part 4 of 7: The Loan Officer Compensation Rule

The Dodd-Frank Act ensures that loan officers can’t ever earn any more or less money by selling a specific loan.   It’s time for section four of our seven-part series talking about reform and mortgages. Specifically, today we’re going to talk about how lenders and loan officers get paid. In the past, loan officers and lenders […]

Part 2 of 7: The Dodd-Frank Act and CFPB

The Dodd-Frank Act created the CFPB, one of the strongest federal agencies we’ve ever seen. Here’s why it was created and how it works. On part two of our series about what has changed since the mortgage meltdown, we’re taking a closer look at the Dodd-Frank Act and specifically, the Consumer Finance Protection Bureau. The […]

A Solution to Mortgage Approval Changes

Recent changes were made to the mortgage algorithms that approve homebuyers, but there’s a solution to these changes. Many of the ways we lenders look at risk in terms of approving mortgages are through algorithms, and important changes to these algorithms were made on July 20 this year. Specifically, these changes affect the way these […]

A Secret About FHA Mortgages

FHA mortgages have a unique feature that makes them a powerful tool when it comes time to sell your home. I have a secret about FHA financing that I’d like to share with you today. I love FHA financing. I look at it as the federal government’s way of saying YES. FHA mortgages are federally […]