Do New Lending Regulations Impact Omaha?

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We’re here with Eric Almquist from First National Bank to discuss the new lending requirements. How have these new guidelines affected loans after October 1st?

The new regulations were supposed to be enacted in August, but got delayed until October. These regulations intend to make it easier to understand and more accurate to the disclosure process for customers. It holds lenders accountable to accurately quote fees and costs. It ultimately helps the consumer.

We’re still in the trial stage. We’re still figuring it out. Six months down the line, you’re going to see lenders have things in order. It will benefit consumers eventually. There are delays and frustrations now because these changes were recent.

Although this hasn’t directly impacted Omaha lenders severely, we now maintain better conversations. We’re building awareness and educating our clients through transactions, such as identifying new paperwork. We have a long time period to adapt with, so it’s a gradual process we can work with.

If you have any questions about the new regulations or more, give us a call or email. Thanks for tuning in.