Tuesday, August 11, 2015

New Mortgage Form

Took a while for me to get through it:

"New forms aim to clarify mortgage data for borrowers" by Ann Carrns New York Times   June 12, 2015

New rules and forms aimed at making mortgage information easier for borrowers to understand are scheduled to debut on Aug. 1. The new forms are aimed at making it simpler for consumers to understand and compare loan terms, and to spot whether final terms are significantly different from a lender’s initial estimate.

The new forms were mandated by the Dodd-Frank financial reform law. “The forms are going to look very different,” said Andrew Pizor, a lawyer with the National Consumer Law Center. “They look a lot nicer and easier to understand.”

Begging the question: why, in the world's greatest economic $y$tem ever devised, it was so hard and difficult? 

I mean, what is it with the banks and all their fine print and looting schemes? Aren't they honest businessmen?


Some software vendors are behind in delivering upgrades to computer programs necessary to process applications with the new rules and documents, said Bob Davis, executive vice president of the American Bankers Association.

But the f***ing ATMs work fine.

Last month, the bureau’s director, Richard Cordray, said in public remarks that “most market players have put themselves in position to be ready by August, and others are getting ready as well.”

Still, the bankers association and other groups are seeking a grace period for a time after the new rules take effect, because violations can carry hefty penalties and lenders are still getting up to speed. The bureau has indicated only that it will be “sensitive” about enforcement initially, as long as lenders are making a good-faith effort to comply with the new rules.

These guys and their goddamn excuses are incredible. What $cum!


UPDATEDisclosure rules expected to delay mortgage process

Better read the fine print.