Despite the recent spate of far-reaching federal regulations hammering the mortgage business, innovation is far from dead.

For example, one of the nation's largest credit unions now allows borrowers to reset their rate at no cost up to five times over the life of the loan. A Beverly Hills company has created a way for small investors to put their money in commercial real estate deals that are usually reserved for wealthy individuals. There's also a new online search tool that allows homebuyers to identify and compare houses for sale based on drive times to work and other places, night and day.

The rate protection feature is offered by the Pentagon Federal Credit Union, a 1.2 million-member institution headquartered in Alexandria, Va. It is available on the credit union's 5/5 adjustable rate mortgage, which adjusts to the then-market rate every five years over the 30-year term.

Beginning with the loan's second year, borrowers can choose to change their rate to PenFed's current rate plus 0.25 percent at any time. So, say in the third year, you don't like which way rates are heading and you want to nip an increase in the bud. Or you'd simply like to take advantage of lower rates. You can simply "click" to reset the loan on PenFed's website.

You can exercise the reset option anytime after the first year, up to five different times. But once you do, you have to wait another 12 months to do so again.

The feature gives borrowers five shots at the brass ring, says PenFed executive James Schenck. It "puts borrowers in control of their mortgage," he says, and is a cheaper, less cumbersome way for them to refinance and take advantage of current rates.

The new investment vehicle comes from Realty Mogul, which calls it "crowdfunding for real estate." The Southern California company creates an online marketplace for accredited investors to pool their money and buy shares of office and apartment buildings and retail centers, and gives developers access to a broader pool of capital.

The concept is another form of syndication, but it is done solely online, and "you don't need to be a Rockefeller" to participate, says Realty Mogul co-founder and CEO Jilliene Helman.

Typically, deals the size of those put together by the company -- the latest is a group of five multifamily buildings in Los Angeles -- are the province of people who can invest $100,000 or more. But with Realty Mogul, investors with as little as $10,000 can participate.

The investments are fully vetted, and Realty Mogul over-raises to cover future repairs or improvements. Consequently, says Helman, there are no calls for investors to put up more money later.

Another key feature: monthly or quarterly distributions to investors. "We focus on cash flow," says Helman. "We are looking to be a source of income for our investors."

The new drive-time search tool, which has already been scooped up by the RE/MAX real estate network, gives buyers an easy, visual way to find houses within a specific drive-time from work, schools or other important locations. Drive times can be calculated at rush hour and at other times of the day or night.

"Drive time is a quality-of-life issue to buyers. For many, it's as important as the neighborhood and good schools," said RE/MAX Technology Strategy Officer John Smiley. "We're taking the guesswork out of one of consumers' most important purchase criteria: their commute."

RE/MAX plans to bring the app to its customers in all 50 states, beginning with New Jersey sometime in this year's first quarter.

To determine drive times using the new feature, which was developed by INRIX, buyers will enter the addresses of the locations most important to them as part of their search criteria on the RE/MAX website. The tool then automatically shows neighborhoods and properties that meet their desired travel time.

"In a world measured in miles, we measure it in minutes," said INRIX General Manager of GeoAnalytics Kevin Foreman in a news release.

According to the release, the program gets its traffic information "from a variety of public and private sources ranging from government road sensors, official accident and incident reports to real-time traffic speeds crowd-sourced from a community of approximately 100 million drivers."

Factors such as the day of the week, the season, local holidays, forecasted and actual weather, accidents and construction are also considered.

INRIX says its program has been found accurate to within 3 mph of actual traffic speeds under all driving conditions 24/7.

It's one thing to manage a rental house when it's located in a nearby community. But it's another process entirely when the rental is in a distant vacation retreat. Unfortunately, many second-home buyers find that out the hard way.

According to a survey by HomeAway, an online marketplace for vacation rentals, owners spend an average of 8.6 hours a week managing their properties. That's one full workday a week! And even then, it's doubtful that the typical owner can market his vacation pad, maintain it and do all the other things necessary to have a successful rental regime.

That's not to say you can't be successful going the do-it-yourself route. You can. But think of the things a professional property manager can bring to the table. The list includes their full time and attention, 24-7 -- 365, if necessary -- along with marketing, screening, housekeeping, record-keeping, periodic inspections and more.

Of course, this doesn't come cheaply. Fees are all over the ballpark, depending largely on geography, says Mark McSweeney, executive director of the Indianapolis-based Vacation Rental Managers Association (VRMA). "There's a pretty wide range, based on your region. The average is from 15 to 40 percent" of the monthly rent.

But what's going out shouldn't be as important as what's coming in, according to Ben Edwards of Newman Daily Resort Properties, a rental management company in Miramar Beach in Florida's Panhandle region.

"Everybody asks about our fees, but 90 percent isn't high if you are delivering revenue," he says. "That's what the focal point should be."

Edwards, who is also president of the rental managers group, says that in today's market, it's not difficult to nail a few rentals, particularly in your area's prime rental season. But to fill the place week after week or month after month, year-in and year-out, with people who return over and over again? Well, that's another thing entirely.

"We book more," the professional manager says. "We wouldn't be able to survive in these very competitive markets if we didn't."

VRMA doesn't have any figures to back up its contention that the pros book more tenants than individuals, or that they generate more revenue to offset the expense of hiring a manager. But a survey in 2012 by PhoCusWright, a travel and hospitality research firm, found that the split is pretty much even.

That is, whereas the rent-by-owner segment was responsible for 51 percent of the bookings, says Vice President of Research Douglas Quinby, the managed segment took in 51 percent of the revenue. But the trend, he adds, is toward professional management.

"When the market was very strong, owners could be choosy. And they didn't have to take a very professional approach," Quinby explains. "Now, they have to be much more engaged."

It's impossible to discuss all the benefits a professional manager brings to the table in the space allotted here. But let's take a deeper look at just a few:

-- Marketing. You might be able to fill a few weeks or months by word-of-mouth or local advertising. You might even be able to create a website.

But the pros can place your place in the local multiple list service, and they can advertise not just in local papers but in those ubiquitous weekly real estate magazines you see on newsstands, on television and online. Then there's email marketing, social media and online listing sites.

"Some of the biggest advantages to partnering with a professional are the in-depth programs designed to market their inventory," the VRMA website says. "Companies may invest in high-resolution property videos or photos, guest surveys, contests, promotional trade outs, brochures, rack cards and more to drive business."

-- Screening. This is more than determining whether the potential guest can fog a mirror. The pros make sure the tenant is qualified by income, age and background.

"I don't put just anyone who can come up with the first month's rent and security deposit into your home," says Joan Medeiros of Royalty Rentals and Property Management in Fort Myers, Fla., who handles only year-round leases, not seasonals.

"I screen them carefully," says the longtime manager, who takes the first month's rent and 10 percent of the monthly rent as her fee. "I do a full background check, including credit and criminal."

Medeiros also asks for three current paystubs and looks for prior evictions. If the prospect has been evicted anywhere in the previous five years, she turns them down flat.

That may be a little much for weekly rentals, but certainly not for anything longer. "You have to be tough to get the right people," she says.

-- Inspections. It's difficult, if not impossible, to lord over your place when you live hundreds of miles away. But on-site managers are around all the time.

Medeiros inspects the inside of her properties every three months and the outside every month. She also does a walkthrough before tenants move in, when they move in and when they move out. Again, perhaps a little much on a weekly rental. But you get the idea.

-- Services. Can you respond at any time, even when something goes bump in the middle of the night (like it always does)? The pros can.

"You won't have a tenant calling you in the middle of the night, weekends or holidays. They'll be calling me, and I'll be answering, no matter what time of the day," the Fort Myers manager says. "You won't have to search for contractors to make repairs because I have them on speed-dial."

Comic Bill Maher ends his weekly show on HBO with a segment he calls "New Rules." So allow us to begin the new year with a report on the nation's "new rules" for obtaining a mortgage.

As of Jan. 10, a number of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act took effect. The main difference between the lending standards and Maher's rules is that there is nothing funny about the new lending canons.

Indeed, they are no joking matter. Consumer Financial Protection Bureau Director Richard Cordray calls the new common-sense rules a "back-to-basics approach" to mortgage lending. "No debt traps, no surprises, no runarounds," he says.

Here's a brief rundown:

-- Qualified mortgage (QM): Borrowers won't be offered qualified mortgages, at least under that name. Rather, the term refers to loans that meet the requirements set down under the Dodd-Frank Act and enforced by the CFPB.

Under the rules, lenders will not be liable should a borrower run into difficulty years after the mortgage was originated as long as the loan met the QM standards. So, to protect themselves, lenders will be playing it close to the vest, making sure they meet the letter of the law.

But that doesn't mean mortgages outside the rules will no longer be available. They will, though they are likely to cost more, both in terms of interest rates and fees.

-- Ability to pay: Every lender must make a reasonable, good-faith determination that you can afford the mortgage before you take it on. Obviously, they can't tell whether you will lose your job three years from now, or whether you or a family member won't be struck by a major illness. But they must now look at your income and assets and weigh those against the monthly payments over the long term.

-- Ratios: The debt-to-income ratio on loans insured by the Federal Housing Administration cannot exceed 43 percent, down from 46 percent previously. But some lenders are likely to impose an even stricter limit.

At the same time, lenders can and will offer any type of mortgage they believe you can repay. And the new rules do not prevent lending to any borrowers with a DTI ratio over 43 percemt.

Mortgage bankers, for example, can rely on the less-restrictive rules for loans backed by Fannie Mae and Freddie Mac, the two quasi-government entities which purchase mortgages from primary lenders. And smaller community banks can choose to keep their loans on their own books.

But no matter what rules your loan is written under, your lender must believe without a doubt that you can repay. And they must verify and document everything.

-- Down payments: Though much has been written about lenders now requiring a minimum of 20 percent down, the new rules say nothing about a minimum down payment. Consequently, loans with as little as 5 or 10 percent down should still be readily available.

-- Fees: To meet the QM standards, upfront points and fees cannot exceed 3 percent. (A "point" is 1 percent of the loan amount.)

-- Loan limits: Though the QM rules say nothing about the amount banks or mortgage companies can lend, separate changes announced by federal regulators have ratcheted down limits on government loans.

As of Jan. 1, FHA loans can not exceed $625,000, even in high-cost areas, down from $729,750. As a result of lower maximum loan amounts, according to the National Association of Home Builders, the ceiling on FHA loans will decline by more than 20 percent in nearly 150 counties and from 40 to 50 percent in 17 counties.

Although there was plenty of hand-wringing about whether Fannie and Freddie would also lower their limits, their regulator, the Federal Housing Finance Agency, elected to hold the line for 2014. This means that either company can still purchase loans of up to $417,000 in most locations and up to $625,500 in high-cost markets.

But again, lenders in the so-called "jumbo" space can lend as much as they so desire.

-- Self-employed: People without verifiable W-2 income face much more of an uphill battle than they used to. Even with substantial net worth and a high credit score, they are going to have to jump through hoops to show they are mortgage worthy.

For example, whereas daily expenses are used to reduce taxable income on most self-employeds' tax returns, these write-offs will be used against would-be borrowers by lenders, who will deduct them from income when computing DTI ratios and your ability to pay.

-- Documentation: Lenders will dig deeper into validating your income, employment, credit glitches and expenses. How deep? One borrower had to report not only how much he was paying for his homeowner's insurance policies on all his properties -- not just the one he was attempting to refinance -- but was also asked to produce the cover sheet for each policy.

If you are not ready for this kind of intrusion into your financial picture, your application could be delayed for weeks until you can provide the proper proof.