It’s been an interesting week. On July 30, the Housing and Recovery Act went into effect. Now, the nation’s 12th largest mortgage investor, Taylor, Bean and Whitaker (TB&W) Mortgage Corporation has closed its mortgage lending operations.
TB&W served as a major wholesale investor for many major mortgage brokers, such as Metro Brokers Financial, Inc. as well as smaller mortgage banks nation wide.
Consider this: “Those who remain flexible during times of change will not be bent out of shape!” And here comes H.E.R.A., another strong wind of change to our Industry.
The Housing and Economic Recovery Act (HERA) regulations go into effect July 30. This new Federal Law designed to protect the consumer, could cause closing delays for both you (the Realtor) and me (the mortgage broker).
Like most laws, HERA is intended to protect, but the consequences could cause unforeseen challenges….especially as the industry adjusts to the new requirements and changes. The purpose of the new HERA regulation is to prevent deceptive lending practices in home mortgages. HERA requires significant change and could cause delays in closing. Communication and flexibility will be even more critical on transactions after July 30.
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