By Joe Light | The Wall Street Journal
Mortgage lenders and real estate agents are bracing for the Oct. 3 implementation of a five-year-old law that has forced them to overhaul the way they process sales.
The changes, prompted by the 2010 Dodd-Frank financial law, are meant to help consumers better understand the terms of their mortgages before they sign the dotted line.
But some in the real estate industry worry that the rest of the year could be marked by delayed closings, frustrated borrowers and confused real estate professionals as they adjust to the new rules.
Rose Law Group Partner Cameron Carter comments:
“The new disclosure forms will make home loan terms more understandable for borrowers, but the mandatory waiting periods will require everyone to act proactively to make sure transactions are not delayed. It will take some adjustment, but I expect that borrowers and lenders will quickly learn to navigate the new regulations.”
