ALBANY, GA (WALB) – Changes to Georgia's mortgage laws could make it tougher for many to get a loan.
Georgia lawmakers are considering tightening the rules to require mortgage bankers and brokers to evaluate whether a loan is likely to get repaid and whether it's a reasonable deal for the borrower. At Northside Mortgage Stacey Walker is looking over the proposed changes closely. She says bankers and brokers will feel the most change.
"Limiting our loan sizes, making it more difficult so us to make the smaller loans which cut out a great deal of the customers. Several years ago I could a smaller loan size on a fixed loan maybe $20,000. Now with the change in regulations it's moving up $30,000, $40,000," said Walker.
Walker says the tighter restrictions could also keep consumers from being sold loans they can't afford. While the legislation has been introduced, it's unclear whether lawmakers will act on it this year.