The Wall Street Journal is reporting that mortgage bankers and real-estate agents are bracing for the impact of the of a five-year-old law that will be implemented on October 3rd forcing them to overhaul the way they process sales. The regulations, part of the sweeping Dodd-Frank law, are intended to help consumers better understand their mortgage terms. As with most new laws, the unintended consequences have real-estate professionals concerned that confusion will set in and cause unnecessary delays.
“It is without question the single largest implementation challenge that the broad industry has faced since Dodd-Frank. It’s massive. It involves every real-estate agent, settlement-service provider, every consumer, mortgage originator, everyone.’’
Read the full story at New Mortgage Rules May Spark Delays, Frustration, WSJ 9/29/15 (subscription may be required)