The amendment to Dodd Frank in April brought a well-needed lift to small banks and credit unions by alleviating certain ability-to-repay requirements. Assumedly, private lenders and investors could fall into this category of creditor, however, would still be held to the original points and fees thresholds, retain servicing, and required to verify debt, income and financial resources of the borrower. While some say it’s not much of a lift, hopefully this will be the first of many more adjustments to come. To view the new legislation, click here.
- Hiring An RMLO Doesn’t Always Mean You Are Compliant with Russ O’ Donnell
- Converting A CFD, Traditional Note, Mortgage Note, Dodd-Frank, SAFE Act, Loan Modification
- Note Investing Tools Interview: Call The Underwriter RMLO
- 5 Keys to Staying Dodd Frank Compliant
- Russ O’Donnell Is A Guest On The Kevin Shortle Show