Mortgage applicationGuest speakers today at RE/MAX Peak Properties' monthly broker meeting brought us up to speed on changes to be wrought by the Dodd-Frank Act and other innovations in mortgage financing.

Builders can't carryback mortgage loans starting in 2014. Carryback loans must be "fully amortized" (no balloons). This affects few people, but it's an important change to the way many small Flagstaff builders have operated in the past. 

Mortgage brokers are history. Every outlet needs to be a bank -- originating its own loans (as well as others in some cases).

The price of a loan will be much more transparent for all home buyers.

Renovation loans are going conventional. 203(k) loans have been around for years through FHA. Now private investors are going to get in the act. My take: Sellers who count on this are counting on the home buyers' imagination, which is never a good idea.

VA is getting a little more flexible in applying home seller concessions.

HUD will allow HUD home buyers to choose their escrow company -- we'll be bringing those escrows home to Flagstaff.

2014 will be a brave new world in real estate.