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 helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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 Posted: Fri Jan 19, 2007 10:43 pm Post subject: New Regulations for Mortgage Lenders in Oregon |
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Another new law will be implemented for offering maximum protection to consumers in the mortgage industry. This time it's the Oregon Department of Consumer and Business Service declaring several rules and guidelines for safe lending.
The guidelines are based on Federal guidelines followed by national banks and institutions especially those in relation to nontraditional loans like interest-only and payment option adjustable rate mortgages.
Thanks
source:Salem-News.com |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Sat Jan 20, 2007 5:03 am Post subject: RE: rules for better services from loan officers |
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The division of Finance and Corporate Securities, Oregon Department of Consumer and Business Services has also come up with new rules which require more strict discipline and education requirements among mortgage professionals.
I guess this will help lenders in the business to supervise loan officers working under them. Loan officers will be able to provide better services to home buyers and other borrowers. |
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Alex
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| Posted: Sat Jan 20, 2007 5:17 am Post subject: |
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I feel borrowers choosing to take out non-traditional loans will benefit the most.
As it is they find it difficult to make out what's the risk involved in such loans.
But the new law requires lenders to explain clearly the implications of the loans and determine the borrower's ability to make monthly payments even after rates are adjusted after few years. |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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| Posted: Thu Jan 25, 2007 6:06 pm Post subject: |
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Hello Everyone,
The new rules have been adopted by agency's Division of Finance and Corporate Securities (DFCS) which is used to implement more effective educational requirements for professional in the industry. It also helps to ensure necessary supervision of loan originators by the mortgage lenders.
David Tatman (who is the administrator for the division) has understood the problems borrowers face and is reflected in the statement he has made, which I would like to quote: | Quote: | "Nontraditional loans appeal to consumers who may not qualify for traditional loans, and these borrowers often do not understand the risks they may face.
These guidelines will protect those borrowers by directing lenders to clearly explain the implications of the loans and evaluate the borrower's ability to make monthly payments even when the loan rates are adjusted after a few years. |
David |
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