Oklahoma State Home Builders Association

An Affiliate of the National Home Builders Association

New home loan rules will further delay closing, title exec warns

 
Posted on August 28, 2015 by By Carol Hartzog Communications

By Richard Mize

Copyright (©) 2015, The Oklahoma Publishing Company

The sagging home ownership rate  at 63.4 percent, the lowest in 48 years, the U.S. Census reports  won't be helped by mortgage disclosure rules going into effect Oct. 1.

Ted C. Jones
Ted C. Jones

That's according to Ted C. Jones, chief economist and senior vice president for Stewart Title Guaranty Co. in Houston.

It's because the actual process of financing the buying and selling of houses will be so much more difficult, he said.

"We're going to continue to have more renters than owners than normal, and part of that, almost all of that, is a function of our government  Dodd-Frank and the CFPB," he said at the Oklahoma Building Summit & Expo at Cox Convention Center.

Jones was talking about the federal Consumer Financial Protection Bureau and reform of financial services regulation that Congress passed in response to the financial crisis, credit freeze, housing crash and the Great Recession.

The changes, which were designed for consumer protection, have been in the works since 2010 ... Read the full article at NewsOK.com

 

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