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.
Imagine trying to digest all that before you even open your doors for business. That doesnât help consumers. What it does is destroy small business in favor of big businesses who can afford the vast number of lawyers and accountants needed to comply. Dodd-Frank is consumer protection for billionaires. He nailed it. The Dodd-Frank Wall Street Reform and Consumer Protection Act did not reform Wall Street, and it did far more to protect billionaires and entrenched incumbent firms than it did to protect the little guy.