Investors can look forward to growth in 2014 and need to prepare for the new lending standards and documentation requirements that are coming up with the new qualified mortgage, or ability-to-repay rule.
A panel of mortgage experts at the recent 2013 Realtors Conference and Expo in San Francisco, discussed the upcoming rules and what they see as the changes in 2014.
One of the challenges for investors when competing with cash buyers will be the amount of time needed to close loans under the new rules. Matt Vernon, a home loan sales executive for Bank of America, said their loan officers can process a new loan in 16 days using the new guidelines. He said the process can move more quickly when buyers are educated about the lender’s application requirements and the new rules lenders need to follow. Read More
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