Texas/New Mexico Stateline | Iowegian - 3/26/2013 09:38
It must categorized whether it is a purchase, a refinance, a refinance of a refinance, a rental house, a home equity loan, the combination of a refinance of a home equity loan or a purchase loan, the list seems endless. Unless you keep this manifest in perfect detail you are now subject to fines and a lower bank rating. The tolerance for errors is about “one” or so for a grid that is extremely detailed and is about 5 pages long for each and every quarter it is filed. What does this have to do with solving the credit crisis? NOTHING.
This is exactly what my local country banker friend told me a while back. He said they just decided to not do any home mortgages because the regulation and risk was too great. Make one little mistake and you pay $100k in fines.
Thank you for your great answers! |
For Iowegian and others Re: Banker conversations.
