Brings more than the first of year. After the dust settles and people are back to work especially the mortgage folks a brand new world of government intervention into regulation the mortgage business will await them and me. New GFE, HUD and Respa rules will be in affect after the new year. These changes will cause many problems right off the bat for many reasons. The first is many mortgage bankers and brokers will not be suffeciently trained on all apsect of the new guidelines. Personally I have taken a class, and two webinars and still have many questions. Mortgage Brokers now will be at a clear competitive disadvantage with their mortgage banker brother and sister. The changes include a 3 page GFE as opposed to a 1 page GFE. Tolerances for certain items, no tolerances for other items (fees), dates which have to met along the process, missing anyone of these dates may cause a delay in closing. This will impact all deals moving forward after the new year. Realtors will not really know the change or start to see till their first deals close towards late Jan. Look for a ton of confusion and chaos at first. Hopefully this will thin the heard of lenders a little, Happy New Years Eve Austin.