Now that we have found out that the new rules regarding appraisals didn’t work, we are getting new rules for loan originations that won’t work either.
More rules is not the answer for consumer protection, loan fraud, and other ills. These rules are going to frustrate buyers, sellers and anyone else who is trying to comply.
The concept that any loan officer can comply with the new lending rules without at least a 10 day extension to the closing date will be the exception, not the rule.
So be sure your buyers and sellers are aware that the closing date on the contract, most likely will not be the closing date.
Los Angeles Times Article:
http://www.latimes.com/classified/realestate/news/la-fi-harney19-2009jul19,0,1179820.story
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