Napa Mortgage News

MY RECENT MEETINGS WITH CONGRESS IN WASHINGTON D.C.

We had several industry panelist and speakers on the state of politics as it pertains to the mortgage industry.

We were also very well received by the congressional offices and had more meetings this year than ever!

Some of the main issues we covered with the congressmen and women we met with included…

(1) re-instating the VA loan limits in high cost area's that we're not extended at  the end of 2014.

(2) a technical correction to the Wall Street reform legislation that is double counting broker compensation and mainly effects loans $150,000 or less.
(3) providing a grace period from enforcement until December 31st for the new mortgage loan disclosures that we will begin to use on August 1st of this year. As with any changes that have taken place in the mortgage & home loan industry….It is expected to cause some heartache and may slow down the mortgage loan process for a bit until everyone gets used to the new forms, but all in all it will be a welcome change versus the current disclosures because they will be easier for borrowers to understand and the initial disclosure at the beginning of a loan transaction will look the same as the final closing statement. The uniformity here will create much more consistency from a consumer's perspective.