Seattle Home Mortgage – The new HERA act

The new HERA or Housing Economic Recovery Act is going into affect on July 30th 2009.  This act is going to make it much more difficult to originate loans on a timely basis. I work in the Seattle home mortgage market area and will educate those individuals trying to purchase or refinance. This program is another example of Congress actually hurting the consumer. With added times it is surely going to affect rates that borrowers might have actually gotten on a best case scenario. With the increased loan periods it will jeopardize there ability to retain 30 day mortgage locks regarding purchases and refinances.