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.
The Dodd-Frank Act was named after the two legislators who created it. Senator Chris Dodd introduced it on March 15, 2010, and ushered it through the Senate on May 20. The bill was revised by Congressman Barney Frank and approved by the House on June 30. On July 21, 2010, President Obama signed the Act into law.