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.
Dual Tracking. We have many people ask us, âWhat is Dual Tracking?â Some have heard this term on the news and are wondering what it is. Well, to explain Dual Tracking, I would briefly refer to The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Basically, The Dodd-Frank Act was a bi-partisan bill that was signed into law by President Obama on July 10, 2010.