Every day I hear people complaining about how hard it is to get a loan these days with all of the paperwork that needs to be provided to even have a shot at being approved. I've got news for you; it isn't getting any easier.
Some of you may have heard the phrase, "Dodd-Frank Bill" running amongst the Real Estate profession. This bill has made a significant impact on Loan Officer compensation, Private money lending and will soon impact even more arenas of Real Estate Lending.
The hottest topic regarding the bill right now is the "Qualified Residential Mortgage" (QRM). For bullet points on what QRM entails, please visit this link: Dodd-Frank-QRM-April-28-2011 . The impact of QRM won't just be on Lenders. It will affect Real Estate Agents, Buyers and Sellers.
REALTORS--I ask that you help take action on this bill. Once you have made your decision please visit: NAR Realtor Action
Homeowners and Potential Buyers--you can still have your voices heard! Let our Senators and Congressman know your feelings on the issues.
Congressman Sam Farr: Email
Senator Dianne Feinstein: Email
Senator Barbara Boxer: Email
I felt this issue important enough to share with everyone. Please share this information with everyone you know. The more people who participate, the better!
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