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.
Act of 2010 (the âDodd-Frank Actâ or the âActâ), widely described as the most ambitious reform of. the financial sector since the Great Depression. The President signed the Dodd-Frank Act into. law on July 21. Many of the provisions of the Act. have delayed effective dates and require, for their. implementation, the issuance of almost 250 new. regulations, studies and determinations yet to be. written, undertaken or issued, in some cases, by new.