It is still unclear exactly how President Trump will change the mortgage industry.  One thing is certain, he has made strong statements he is against over regulation, or any regulation at all.  This was confirmed early in his presidency when he signed an executive order directing regulators to review provisions in the Dodd-Frank Act and report on potential reforms of the Act.  This appears to be the early steps in eventually repealing the Dodd-Frank, and law put in place by the Obama administration with the goal of regulating the mortgage industry as a benefit for homeowners.  Furthermore, the Home Affordable Modification Program (HAMP), sunset at the end of 2016 and it is highly unlikely the current administration will enact something similar or anything at all.

Proponents of repealing these types of legislation, specifically the Dodd-Frank Act, feel the regulations hurt small community banks and contributed to a consolidation of the major banks.  They also feel the deregulation will incentivize smaller community banks to start giving loans again and thus stimulating the economy.  On the other hand, Advocates of the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB), arising out of Dodd-Frank, argue these regulations protect homeowners from mortgage malpractice and give homeowners more power to know what is happening to their mortgage as they try and save their home.   Once thing is certain, homeowners are going to need something to help them deal with the ongoing housing crisis and the inevitable changes coming with the new administration.

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