Restrictions and Regulations for Lenders

Since last December, we have heard about new rules that will clean up the lending industry.   Below, are a list of some of the new regulations that will be voted on next week by the Federal Reserve Board.

*Lenders CANNOT  give loans out  without proof of the borrower’s income.  

*Lenders could no longer force penalties on borrowers of risky loans who choose to make an early pay  off.

*Lenders will be required to have borrowers set aside money for insurance and taxes.

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