Getting a mortgage from a community bank or credit union could become easier, under a provision included in a banking regulatory bill under consideration in the Senate.

In simple terms, the changes would let smaller institutions—those with up to $10 billion in assets—offer mortgages that are not subject to some of the strictest federal underwriting requirements, as long as they meet certain other conditions.

"Where it likely will make a bigger difference is in rural areas, where big lenders don't necessarily operate," said Ballard Spahr Partner Richard J. Andreano, Jr. "It can be harder to get a mortgage in those places."

Read the full article here. Subscription may be required.

Related Practice