Dr. Brewster M. Higley penned the words to the 1872 poem which later was set to music as Home on the Range and became the official State Song of Kansas. I offer, in advance, my apologies to him and all Kansans for my brief rendition of “Home on the Range”, with added regulatory language accompaniment. The home ownership rules of Dr. Higley’s time would be much too simple for a complex society such as ours, so vast improvement in the rules had to be made.
Oh, give ( or, at least allow me to qualify for, only as much home as I can reasonably afford when taking into account any balloon payments, variable rate adjustments, and potential income shortfalls that I may encounter in the future and if my consumer credit transaction is secured by my principal dwelling with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction as of the date the interest rate is set by 1.5 or more percentage points for loans secured by a first lien on a dwelling, or by 3.5 or more percentage points for loans secured by a subordinate lien on a dwelling, then additional lending restrictions and disclosures will apply)
me a home (which is defined as a residential real property of twenty-five acres or less upon which there is located or, following settlement, will be constructed, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit); or located or, following settlement, will be placed a manufactured home)
where the Buffalo roam; Where the Deer and the Antelope play; (however, no animal of any kind shall be raised, bred or kept on any portion of a property owner's property for any commercial purpose, but the following species of livestock animals may be kept on a lot: horses, mules, donkeys, llamas. A property owner may keep other species of livestock animals on the property owner's property only as permitted by the Association, and only in accordance and with rules, regulations and standards adopted from time to time by the Board of Directors of the Association.)
Where never is heard a discouraging word, (and you shall not make any oral or written statement, in advertising or otherwise, to applicants or prospective applicants that would discourage on a prohibited basis a reasonable person from making or pursuing an application)
And the sky is not clouded all day. (Contrary to the words of the song and given the uncertainty in the regulatory and real estate lending landscapes, the outlook is, as a weather person might say, mostly cloudy.)
With our preeminent compliance software, CompliancePro, compliance consulting services, and compliance training, American Bank Systems and ABS Consulting can help bring sunshine to your clouded real estate lending future and help make sense out of confusing lyrics.
Mikel Dunnagan
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