"As the mortgage market strengthens, the rule should provide appropriate safeguards without becoming a straightjacket," said Kelly Cochran, assistant director for regulations with Consumer Financial Protection Bureau.
They Said It
"Mortgage lending is not hard any more. There's one product. Here's your 30-year fixed. Here's your rate. When do you want to lock?"
Since the housing crash in 2008, the ratio of purchase applications versus refinancing has completely switched. However, as the market levels out, purchase applications are likely to dominate the market again.
Nonprofits — the Cuyahoga Land Bank, NeighborWorks America, Rebuilding Together, the National Association of Hispanic Real Estate Professionals, PCV|VRM Seeds of Hope and many more local organizations — are investing significant resources to improve America’s most vulnerable housing markets.