Legislation passed by Congress and signed into law by the President nearly two years ago could soon play a role in whether or not you are able get financing for a mortgage.
The Dodd-Frank Wall Street Reform bill is currently being implemented.
It has drawn some criticism from Democrats and Republicans that it hampers lenders ability to make loans.
Recently, Minot realtor and Republican State Legislator Scott Louser testified before Congress about the bill.
Perry Olson talked with him about it.
Getting a mortgage for a home like this might be getting tougher soon...
(Scott Louser - VP Liaison for Gov't Affairs, National Association of Realtors) "So whether we are in a really strong market or a down market like other parts of the country. This is going to affect all borrowers."
Scott Louser is in his second year as the National Association of Realtors Vice President and Liaison to Government Affairs -- a position that had him testifying in front of a House Financial sub-committee this month.
(Scott Louser - VP Liaison for Gov't Affairs, National Association of Realtors) "The Dodd-Frank bill could really restrict mortgage lending and we want what we would call a broad definition and bright lines as to where lenders can feel comfortable lending to consumers. We don't want to make lending too restrictive to make it difficult to get a mortgage."
Louser says as rules are written on how to enforce Dodd-Frank, making sure restrictive practices don't creep into mortgage lending...
(Scott Louser - VP Liaison for Gov't Affairs, National Association of Realtors) "In a lot of cases it is going to make it much more difficult and a much more lengthy process for a borrower -- a well qualified one -- to get financing if they go out on the secondary market.
His hope -- that Congress heeds the warnings being sounded on both sides of the aisle...and lending -- responsible lending -- can flow freely...
(Scott Louser - VP Liaison for Gov't Affairs, National Association of Realtors) "We want to have the ability, and I think Congress sees that, that we want to have the ability for people who are financially qualified with good credit scores, good history of work, good debt to income ratio, some money in reserve, to be able to have access to financing."
To keep the dream of home ownership possible...through responsible lending readily available to those who should be able to get it. In Minot, Perry Olson, KX News.
Louser hopes the rules will indeed be written to make sure that takes place.
He says the feeling he got from lawmakers in Washington was that would be the case.
That process happens over the next six months.