Come Jan 10th, 2014, if no action is taken, the mortgage world will become even more complicated and confusing for consumers as a result of the new Qualified Mortgage.
CALL TO ACTION!!
In addition to less transparency for consumers, many of the small, local broker shops will be forced to close or get absorbed by a larger bank.
What’s important to understand is the underlying purpose of the Qualified Mortgage is to give banks protection from being sued by consumers after a loan closes. So, with that in mind, it’s less surprising that a law intended to protect big banks, doesn’t protect consumers.
What is surprising is that the CFPB, The Consumer Financial Protection Bureau, is the agency enforcing it.
Thankfully, there are amendments to the bill that will make it work for both the consumer and for small business.
HR1077 and S949 all work to level the playing field for brokers and banks. Help support the passage of these bills by sending this video to your respective congressional representatives – find yours here: http://www.usa.gov/Contact/Elected.shtml