Applying for a Mortgage? January Brings New Lending Rules to Protect You
By Nina Rogoff, Wix Websites for Real Estate Agents
Applying for a Mortgage or Refinancing? January Brings New Lending Rules to Protect You! The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (shortened as "Dodd-Frank Act") was a result of the 2008 recession. The goal of this Act is to prevent future collapse of major financial institutions and protect consumers from abusive lending and mortgage practices. There are a number of rules and details involved with the Dodd-Frank Act. One of those is the Ability-to-Pay Rule which becomes effective January 10, 2014. The Consumer Financial Protection Bureau (CFPB) describes "What the New Ability-to-Pay Rule Means for Consumers". If you're thinking of buying a house in Sharon MA here's a summary of some of that information here: You might have thought that when you applied for a...