New rules for loan sellers

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap New rules for loan sellers Share KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com MORTGAGE sellers could face tough new rules under proposals by the Financial Services Authority (FSA).The watchdog is calling for sellers to hold professional qualifications before they can approach potential home buyers.The FSA has conducted a major review of the market as it seeks to protect buyers from being sold home loans they cannot afford.Part of the review calls for new affordability rules which would require strict verification checks on customers that would take into account hikes in the rate of interest.The FSA is also calling for clarity over firms selling only a restricted number of mortgage options, rather than loans from across the market. But the Council for Mortgage Lenders (CML) says the rules could exclude creditworthy buyers from the market.CML director general Michael Coogan said: “This set of proposals would end up doing more harm than good. We strongly urge both the FSA itself and relevant government ministers to take stock of all the evidence before proceeding.“These rules would likely have the effect of creating significant financial exclusion among perfectly creditworthy borrowers. In turn, this has wider consequences for housing and wider society, and would exacerbate the generational wealth divide that already exists. We urgently need a proper public policy debate on how housing finance can help the government deliver its housing policy, and to review whether the risk-averse approach which the FSA has adopted would serve mortgage borrowers or undermine their reasonable aspirations to become home owners.” center_img Tuesday 16 November 2010 8:35 pm whatsapp Show Comments ▼ Tags: NULL whatsapplast_img

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