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Dodd-Frank knowledge buffs....
Posted on 12/30/13 at 10:00 am
Posted on 12/30/13 at 10:00 am
I read on the PT that mortgages are going to be harder to come by come Jan 1.
If you own a house free and clear and want to take a loan out on it that would be about 30-40% LTV, do you all think there are any D-F issues that might come into play and make it tough to get?
Credit is not the greatest. Don't have W2 income - self employed.
If you own a house free and clear and want to take a loan out on it that would be about 30-40% LTV, do you all think there are any D-F issues that might come into play and make it tough to get?
Credit is not the greatest. Don't have W2 income - self employed.
Posted on 12/30/13 at 11:37 am to Meauxjeaux
I work in the industry and we have been doing Dodd-Frank training for the past 2 weeks to prepare for the new rules and regulations on January 1... it's just a bunch of unnecessary burden on the lender/bank side of things.
Mortgages will be harder to come by because of the increase number of rules and regulations on the servicing side, especially for servicing the loans of delinquent borrowers. Since you pretty much have to kiss the delinquent borrower's arse now and bow down to them, its not worth it for mortgage companies to lend to at risk borrowers.
I am sure this will be remedied with a future law forcing lenders to lend to at risk borrowers.
Mortgages will be harder to come by because of the increase number of rules and regulations on the servicing side, especially for servicing the loans of delinquent borrowers. Since you pretty much have to kiss the delinquent borrower's arse now and bow down to them, its not worth it for mortgage companies to lend to at risk borrowers.
I am sure this will be remedied with a future law forcing lenders to lend to at risk borrowers.
Posted on 12/30/13 at 11:42 am to goldennugget
quote:
I am sure this will be remedied with a future law forcing lenders to lend to at risk borrowers.
Posted on 12/30/13 at 12:38 pm to Meauxjeaux
the new rules will only affect a small % of borrowers but be prepared for a lot a paperwork and a slower process
Posted on 12/30/13 at 1:57 pm to goldennugget
That's what I'm afraid of.
I suppose the days of 620+ being considered the lowest level of A credit are over?
I worked in mortgages for a few years and 620 was the number to beat to get the best rates. 620 and 70% LTV or lower and you got the VIP rate...
I suppose the days of 620+ being considered the lowest level of A credit are over?
I worked in mortgages for a few years and 620 was the number to beat to get the best rates. 620 and 70% LTV or lower and you got the VIP rate...
Posted on 12/30/13 at 1:59 pm to goldennugget
quote:
I am sure this will be remedied with a future law forcing lenders to lend to at risk borrowers.
BTW, isn't this where the problems that D-F are addressing started?
What a hoot.
Posted on 12/30/13 at 2:59 pm to Meauxjeaux
quote:
BTW, isn't this where the problems that D-F are addressing started?
What a hoot.
Its sad really. D-F is nothing more than government seizing more control over the finance industry.
My main problem with D-F is the fact that if a borrower is delinquent, and request some kind of assistance such as a modification, all correspondence from the servicer has to be done in writing. That's just unnecessary.
And all modification applications have to be processed within 30 days, which again is ridiculous because of all the work that needs to be done to process and underwrite a modification.
If someone is missing a document or something on their modification application, or something was incomplete or incorrect, all correspondence has to be done in writing. Just a bunch of unnecessary bullcrap.
If they are denied for a modification, they have to be notified in writing why and they get a 30 day appeal, blah blah blah
I think this law was created to make so many rules and regulations that it is impossible for those rules NOT to be broken.
Posted on 12/30/13 at 3:10 pm to goldennugget
quote:Said every company that has to deal with regulators on a regular basis.
I think this law was created to make so many rules and regulations that it is impossible for those rules NOT to be broken.
Posted on 12/30/13 at 3:58 pm to Meauxjeaux
quote:
. 620 and 70% LTV or lower and you got the VIP rate
I thought 620 was a shitty score?
775 checking in here.
Posted on 12/30/13 at 6:09 pm to I Love Bama
quote:
I thought 620 was a shitty score?
775 checking in here.
Nope - 620 used to the the cutoff for the best rates... now you didn't get the best terms - ie, if you only wanted to put 10% down, you would not get the best rates with a 620 score - had to be more like 680 or above.
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