Respa Rule Discouraging Preapprovals

Berry, Kate
February 2010
American Banker;2/24/2010, Vol. 175 Issue 29, p1
Trade Publication
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.


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