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.
At the same time, congressional Republicans opened their own front against the Dodd-Frank Act, the law that overhauled financial regulation after the 2008 financial crisis. And with Mr. Trump in the White House, Republicans who previously challenged Dodd-Frank now see success in their sights after years of futility.