In the name of consumer protection, the CFPB has issued a rule stating that lenders can’t require income documentation before handing out pre-approvals.
The video does go on to explain that the net effect is probably not going to change much because of buyer behaviors, but the rule itself is misguided and not grounded in any financial reality. It is a very funny but informative read.
Because remember, the government ALWAYS knows best when it comes to YOUR money.
David R. Madaffari, Realtor
Keller Williams Realty – First Choice
Cell: 225.772.3283 (DAVE)
37325 Market Place Dr. Ste D
Prairieville, LA 70769
Each office independently owned and operated