Since 2008, governmental agencies have been actively involved in molding and shaping all aspects of mortgage lending in an effort to protect the borrower. Change affecting the industry is a daily discussion in efforts to remain ahead of the game. The Home Valuation Code of Conduct, AIR policy, RESPA, the Loan Quality Initiative and the SAFE Act have greatly impacted the way all mortgage lenders do business.
While this subject isn't new, we have become more aware of the impact to the borrower, and it's much deeper than a new form, extra paperwork or a quick phone call.
First, and most obvious, is the change toward more protection of the borrower. How? In essence, each of these policies was created with the intention that more regulation would prevent abusive lending practices from happening again. Of course, for those of us who did not participate in such activity to begin with, these policies won't have an effect in that regard. These regulations, however, focus on the process, as we now have an exact regulated way in which each step in the home loan process is made. Each of these steps directly affects the borrower with time and money.
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