Colorado recently implemented new regulations that effect the way mortgage brokers do business, and curtails the available menu of loan options for some buyers. I wrote about it on Inman a few weeks ago.
Knowing that similar laws were about to be implemented in Minnesota, I started researching the issue for another post. Turns out there’s no need, Alex Stenback, at Behind The Mortgage has the full skinny. His post is consumer focused, but comprehensive enough for any professional outside of Minnesota to get the gist.
It remains to be seen if this laws will have any positive effect. However, one thing is for sure. Mortgage professionals need to take the lead in improving our industry, or politicians will try to do it for us.
