Federal Reserve Considering Mortgage Lending Changes That Would Affect Kansas City
Kansas City Real Estate Thoughts... The Federal Reserve is considering several changes in their regulation of mortgage lenders. One of the big changes being considered is the restriction of pre-payment penalties and another could be the restriction of stated income loans - which typically don't require a borrower to prove their income but do typically result in a higher interest rate loan. A couple of the other notable changes being considered are requiring lenders to escrow for the borrower's property taxes and homeowner's (hazard) insurance - rather than it being an option and potentially not calculated into the borrower's monthly payment. I believe the more disclosure the better - what do you think?
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