New mortgage rules that take effect early next year may reduce mortgage options to consumers because they might be cost-prohibitive for small lenders to meet.

The rules, which require banks to verify that a borrower has the ability repay a loan based on certain criteria, mean banks will have to update underwriting policies and procedures, change their technology and retrain staff, Anthony Hsieh, CEO of online mortgage bank loanDepot, tells CNN Money. Source: CNN Money

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