TITLE

Respa Rule Discouraging Preapprovals

AUTHOR(S)
Berry, Kate
PUB. DATE
February 2010
SOURCE
American Banker;2/24/2010, Vol. 175 Issue 29, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article examines the effect of a U.S. regulation on residential real estate finance regarding mortgage loans. The rule in effect since January 1, 2010, states that mortgage loan lenders may not require documents from a prospective home buyer giving proof of income before giving a prospective home owner an estimate of closing costs on the transaction. Real estate agents complain the law forces them to show homes to unqualified buyers.
ACCESSION #
48286654

 

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