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Today I have Peter Wease with me and he will be helping us to discuss some changes that have happened with mortgage financing in Portland. Some of my viewers from last episode were concerned that Portland real estate may be entering a bubble, but I think those concerns are unfounded.
What has changed with mortgage financing in Portland is the creation of the CFPB, the Consumer Finance Protection Bureau. This is supposed to promote fairness and transparency for the consumer. TRID (TILA-RESPA Integrated Disclosure) was also designed to give the consumer time to look at the numbers during the closing process in a real estate transaction. It simply gives the consumer more time during the closing of a sale. Basically, everything in the transaction must be disclosed in paper.
This prevents erroneous fees and charges from being issued to the consumer. Furthermore, this prevents bad loans from being made, and this will ultimately prevent another bubble from forming. People borrowing money today are much more protected now than they were in the past.
If you have any questions about these changes, please don’t hesitate to contact me!
