John Paukovich, Ent’s vice president of mortgage lending, will provide an overview of the new rules, imposed under financial reform legislation enacted in 2010 that take effect Jan. 10. The new rules require that lenders verify and document borrowers’ ability to repay the loan for which they are applying, limits loans to a maximum 30-year term and loan payments to 43 percent of a borrower’s monthly income, cap fees at 3 percent of the loan amount and prohibit balloon payments. Paukovich also will give tips to guide home buyers through the new rules and will also take questions from participants.
Workshops covering the same tops will be offered from 9-11 a.m. and from 1-3 p.m. Seating is limited, so RSVPs are required at www.ent.com/realtorworkshop. For more information, or questions, real estate agents should call 550-6998.
Ent is southern Colorado’s largest financial institution with $3.8 billion in assets and is among the largest mortgage lenders in the Colorado Springs area.