Critics Blame New Mortgage Form Laws for Loan Delays
Many in the real estate industry are saying the new federal rules on mortgage forms are to blame for delaying home buyers from getting mortgages.
According to mortgage-processing firm Ellie Mae, in November, mortgages took an average of 49 days to close, the longest closing time since February 2013.
In October, the Consumer Financial Protection Bureau implemented new forms to help make the process easier for borrowers.
Image via Flickr/Pat (Cletch) Williams