Some good news!
…but first a brief editorial comment:
After the mortgage market crash underwriting swung so far to the conservative side that it’s helped put a death grip on the economy.
I don’t think the feds have figured this out yet, but the real estate market is the engine that drives our economy.
If the feds had just stayed out of the way I think the market would be well on its way back by now.
…Instead they have been passing new mortgage guideline choking legislation. …One after another, after another.
Finally a small ray of hope…
Got news today that some guidelines are changing. Mainly they have to do with the removal of overlay guidelines.
For instance…
1) Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.
2) They are also leaving the max debt to income ratio up to the automated system now – which is a welcome change. …if we could only get the MI companies to go along with this.
The guidelines will probably never return to what they were 3.5 years ago – and that’s probably a good thing. They do need to come back to at least the middle. …and, eventually they will.
This is a little step in the right direction.
I hope you have a great day! Thanks for reading!
Brett
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