Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

Debbie Bloyd - Will it Finally be Easier to get a Mortgage? #3953

  • Broadcast in Finance
Financial Survival Network

Financial Survival Network

×  

Follow This Show

If you liked this show, you should follow Financial Survival Network.
h:215903
s:10726141
archived

The Senate passed a bill on Wednesday that aims to ease banking regulations, potentially making it easier for consumers to get a mortgage from a community bank or credit union.

With some bipartisan support, lawmakers' approval of S. 2155 was expected. The bill rolls back various banking regulations put in place via the Dodd-Frank Act of 2010 following the mortgage crisis that roiled the U.S. economy a decade ago.

The Senate bill now heads to the House, where it could face less support as written. Last year, House lawmakers passed a measure that went much further in its rewrite of Dodd-Frank. Basically, the two chambers would need to agree on a version of the bill before it could be sent to President Trump and signed into law.

In simple terms, one of the Senate bill's provisions would let smaller institutions — those with up to $10 billion in assets — offer mortgages that are not subject to some of the strictest federal underwriting requirements, as long as they meet certain other conditions.

"Where it likely will make a bigger difference is in rural areas, where big lenders don't necessarily operate," said Richard Andreano, a partner with law firm Ballard Spahr in Washington and head of its mortgage banking group. "It can be harder to get a mortgage in those places."

Facebook comments

Available when logged-in to Facebook and if Targeting Cookies are enabled