5 Processing & Closing Now that you've found a home, it's time for your loan officer to order an appraisal for the property. The VA requires homes to be move-in ready and any problems with the property generally have to be corrected by the seller before a loan closes.
The full name of the bill is the Dodd-Frank Wall Street Reform and Consumer Protection Act, but it is better known and most often referred to as Dodd-Frank. In simple terms, Dodd-Frank is a law that places major regulations on the financial industry. It grew out of the Great Recession with the intention of preventing another collapse of a major financial institution like Lehman Brothers.
Age of Endless Regulation: The disaster which is Dodd-Frank. Never forget. Dodd-Frank codifies officially âToo Big to Fail.â Thatâs right, Dodd-Frank protects the big banks with your money. (No need now for a messy vote in Congress.) Dodd-Frank, though passed 4 years ago in the wake of the Crash still isnât even half written. It may never be fully written. As we speak regulators write new rules and regs with help from the financial industry of course. âItâs a living document.â Sigh.