Wells Fargo told its correspondent lenders that in preparation for changes in the upcoming consumer disclosure rules, "it would no longer purchase single-close construction loans, which are often used for building homes, after Aug. 1," The New York Times reports.
The new rules created by the Consumer Financial Protection Bureau are causing confusion among lenders, who tend to move away from the margins to make sure they are not charged with compliance violations, says Senior Vice President for Compliance at First Choice Loan Services Joshua Weinberg.
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