AZ Business Journal – Bank dealing with new mortgage rules now in place

Friday is the day U.S. banks roll out new paperwork for mortgage approvals, but many say it won’t be as bad as originally projected.

Retuers reported banks will now have to consider various factors when providing home loans as part of the Dodd-Frank legislation and rules from the Consumer Financial Protection Bureau.

The goal of the rules is to avoid the housing collapse in 2008 that was attributed to lax lending standards. A softening of the initial rules has tempered the blow for housing advocates and banks.