The housing market contributes approximately 18 percent of the U.S. GDP. With so much at stake, a recent Treasury report on the U.S. financial system is recommending extensive mortgage lending reforms. The U.S. Treasury Department states that regulatory requirements have significantly and unnecessarily tightened the credit box for new mortgage originations, denying many qualified Americans access to mortgages. In addition, regulations have significantly increased the cost of origination and servicing activities, which, when passed on to borrowers in the form of higher mortgage rates, have decreased the number of Americans that can qualify for mortgages.Hello HMDA Included in the mix... View Article
This article originally apeared in the September 2017 print edition of National Mortgage Professional Magazine.