Interesting article in the Greater Wilmington Business Journal about proposed new rules in mortgage lending. Though it is aimed primarily at residential mortgages, from the trend we have seen in our office, it looks like there could be forthcoming legislation on the commercial lending side as well
One of the new rules would require mortgage lenders to provide a comparison between the proposed loan offer and a standard 30-year fixed rate mortgage loan early on. "A problem we’ve had in the last decade is [borrowers are] not necessarily aware of what kind of loan or risk they are entering," Pearce said.
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