I know all the talk surrounds the CFPB announcement to postpone TRID implementation until October. That’s a good thing as it will allow many lenders and service providers more opportunity to finalize and hone their systems. Some good news for a change!
More good news is that a new organization, created as an advocate for better housing policy, the J. Ronald Terwilliger Foundation for Housing America’s Families, has made it their mission to bring the housing crisis to the forefront in the upcoming presidential election (Foundation). There is a definite challenge to those seeking affordable rental and homeownership and this group aims to help.
Recent problems with lending, enforcement, buybacks and loan indemnifications, along with resulting law changes, have made many lenders skittish about financing marginal homebuyers. This has forced more and more people into the ranks of those needing to rent. An area already inflated because of the number of people who lost their homes in the crash of 2008.
The law of supply vs. demand has increased rents across the board making it more difficult for these consumers to afford adequate rental housing. It’s a vicious cycle. They can’t qualify to buy and don’t make enough to afford the increasing rents.
This foundation and their intended mission are a great first step for everyone; consumers and lenders alike. The cast of characters is quite impressive (see the end of the article) and presents an experienced and knowledgeable base from which to work. Hopefully someone will listen to their input and ideas and take some action to improve the nation’s housing policies.
Hopefully, these new voices will be heard by those who can make positive changes.