New Rules For Home Mortgages

In 2008, the rise in home foreclosures was viewed by many as the result of substandard mortgage lending practices. Subsequently, Congress passed the Dodd-Frank Act in 2010, which created the CFPB and set forth a number of financial industry regulations aimed at protecting consumers, including some pertaining to mortgage lending.The Consumer Financial Protection Bureau (CFPB) has issued new mortgage rules that took effect on January 10, 2014.  Donna Weinberg of First Integrity Mortgage talks with Jeffrey Shank, ChFC about these new rules.