SB 385 is a bill intended to tighten lending standards. It sounds great to me. However, I have been reading these two articles and some of the bill SB 385. I just don’t see anyware that there are any consequences for not following the guidelines. Does anyone with legal background or who understands the impact this might have on lending in California know if this law will have any teeth?
I have no idea if it has teeth. In the past few weeks I have had 2 closings and the buyers were financing 100% AND they got credit back for closing costs. Both loans closed. One of them was very sketchy at the end but it did close.
I have no idea if it has teeth. In the past few weeks I have had 2 closings and the buyers were financing 100% AND they got credit back for closing costs. Both loans closed. One of them was very sketchy at the end but it did close.
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