Anthony Ebright

The new rules for lenders starting April 1st should not have any affect on your refinance if you've already applied and locked in your loan. They will be effective on all loans originated on April first and there after. Depending on your lender and their commission structure, this new law could affect the way you are charged for their lending services. Every lender is going to have a slightly different interpretation of the law and will adjust their pay structure based on that interpretation for any loans originated and locked on April first. If you haven't started you refinance yet, I would recommend you contact your lender about their pricing of your loan. Al Kamal stated, the new rules are designed to help the consumer. However, as the old saying goes, rules are made to be broken. Some lenders may actually hurt consumers, if they don't interpret the new rules correctly. Best to double check your pricing and compare it with another lender to be safe. - Sun Mar 27, 2011