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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Upcoming changes due to the predatory lending law Posted by Ward-CA- on June 23, 2002 at 7:12 AM In Reply to: New Predatory Lending Law posted by Mike on June 21, 2002 at 4:37 PM : Hi Ward: : I currently work for a mortgage company where I am working on expanding my knowledge of real estate from a lender's point of view, and have been simply amazed at the real life scneario's that come up on a daily basis. : What in your opinion is going to be the biggest change with this new law in CA? I understand that it takes effect on July 1st, and that lender's are going to be required to charge less than 5% of the loans. Do you feel that this will allow more deals on the table for regular investors that in the past the lenders have gottten for first? : What in your opinion do you see happening in the real world with this law? Will it be effective, or will the lenders find a way to get around this law? : Your forum is AWESOME!!: Hi Ward: : I currently work for a mortgage company where I am working on expanding my knowledge of real estate from a lender's point of view, and have been simply amazed at the real life scneario's that come up on a daily basis. : What in your opinion is going to be the biggest change with this new law in CA? I understand that it takes effect on July 1st, and that lender's are going to be required to charge less than 5% of the loans. Do you feel that this will allow more deals on the table for regular investors that in the past the lenders have gottten for first? : What in your opinion do you see happening in the real world with this law? Will it be effective, or will the lenders find a way to get around this law? : Your forum is AWESOME!! =•=•=•=•=•=•=•=•=•=•= Mike, I think the clamp down on the outrageous loan practices of some lenders was long overdue. A lot more borrowers are going to get a fairer shake than before. Since nothing is perfect in life, I expect that there will be efforts to weasel around the law and perhaps some loopholes will manifest themselves. But the basic situation will be vastly improved. Thanks for the kudos. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward: : : I currently work for a mortgage company where I am working on expanding my knowledge of real estate from a lender's point of view, and have been simply amazed at the real life scneario's that come up on a daily basis. : : What in your opinion is going to be the biggest change with this new law in CA? I understand that it takes effect on July 1st, and that lender's are going to be required to charge less than 5% of the loans. Do you feel that this will allow more deals on the table for regular investors that in the past the lenders have gottten for first? : : What in your opinion do you see happening in the real world with this law? Will it be effective, or will the lenders find a way to get around this law? : : Your forum is AWESOME!!: Hi Ward: : : I currently work for a mortgage company where I am working on expanding my knowledge of real estate from a lender's point of view, and have been simply amazed at the real life scneario's that come up on a daily basis. : : What in your opinion is going to be the biggest change with this new law in CA? I understand that it takes effect on July 1st, and that lender's are going to be required to charge less than 5% of the loans. Do you feel that this will allow more deals on the table for regular investors that in the past the lenders have gottten for first? : : What in your opinion do you see happening in the real world with this law? Will it be effective, or will the lenders find a way to get around this law? : : Your forum is AWESOME!! : =•=•=•=•=•=•=•=•=•=•= : Mike, : I think the clamp down on the outrageous loan practices of some lenders was long overdue. A lot more borrowers are going to get a fairer shake than before. : Since nothing is perfect in life, I expect that there will be efforts to weasel around the law and perhaps some loopholes will manifest themselves. But the basic situation will be vastly improved. : Thanks for the kudos. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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