Have you heard of the new Qualified Mortgage Rule? Next month January 10, 2014, the Consumer Financial Protection Bureau will put the rule into effect, making many people who can qualify for a mortgage loan today, totally INELIGIBLE!
The new rule slated to take effect in just a matter of weeks is designed to protect both consumers and lenders by preventing the risky lending that helped lead to the housing crash in 2013. The new rule will include requiring lenders to ensure that borrowers have the ability to repay their mortgages, while lenders will be protected from consumer lawsuits as long as they issue “qualified mortgages.”
This is right around the corner, ladies and gentlemen. There could be a large amount of business lost once this new rule takes effect and many of you have to turn more and more clients away. Don’t get stuck in the sand. Make the necessary adjustments now. Some estimates state that 20% of existing mortgages will not qualify under the new rules (read more HERE)
There is some upside though. The new rules may help speed up the process of getting a mortgage by giving lenders the authority to reject outright credit-report information if a borrower can prove that it’s wrong. This makes our credit repair service leap from useful to NECESSARY. We will help you identify and prove credit information that is wrong on your client’s reports.
Be sure to visit Jason M. Kaplan, Esq’s personal website: jasonmkaplanesq.com