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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

jameshogg

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.

Guest

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.

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

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:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

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New Regulations for Mortgage Lenders in Oregon