New Regulations To Hit Mortgage & Real Estate Industry In 2015
Several new regulations are set to hit the mortgage and property industry in the summer of 2015. So what are they, and how will they impact real estate investors and entrepreneurs?
New Mortgage Forms
On August 1st, 2015 the mortgage industry will get two new forms. The Lending Estimate (LE) will combine and replace the old Truth in Lending and Good Faith Estimate. The HUD 1 Settlement Statement and final TIL will be replaced by the Closing Disclosure (CD). We’ll have to wait and see whether these documents really simplify things for home buyers and benefit them, or just add more confusion. What is perhaps more notable about these new mortgage forms being instituted by the Consumer Financial Protection Bureau (CFPB) is the new 72 hour rule. The CD must be provided to consumers 3 full days before closing. This could throw some real estate wholesalers off. But wholesalers can still use Best Transaction Funding for rapid flips.
New Foreclosures and REO Sales
Ongoing roll outs of financial industry regulations are putting increased pressure on US banks to shed delinquent mortgage loans and REO properties. We’ve already seen a massive surge in foreclosure filings in early 2015. And that trend ought to continue through the summer as lenders expedite the foreclosure process. This will create opportunities for wholesaling among motivated homeowners, at auctions, and from banks. These spikes in deal flow are already being seen from coast to coast; from Orange County, CA to Maryland, to Florida.
New Regulation A+
The SEC’s new Regulation A+ kicks in this summer too. This is the ruling which enables fundraisers to raise funds from non-accredited investors, and file new mini-IPOs with ease. This can help real estate investment firms crowdfund capital to use in conjunction with hard money loans for acquisitions. It is also expected to kick off a series of IPOs which will create wealth and liquidity which many tech entrepreneurs will in turn use to invest in real estate.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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