In 2010, the Dodd-Frank bill was passed. The first wave went into effect immediately and impacted many of our day to day banking regulations. Now, to start 2014, we’re seeing wave 2 of the bill and it’s many new regulations in regards to mortgage lending practices.
Thanks to these new regulations on mortgage rules, many banks are being forced to re-vamp their lending practices. Unfortunately, that could have a huge impact on smaller lending institutions and banks. This CNNMoney article explains how these changes will effect the smaller institutions, and how that can effect you… the buyer.
For more information on mortgage regulations, or to find out about the current Downtown San Diego Real Estate market, feel free to contact us anytime. ')}