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.
Summary of the Dodd-Frank Act: SEC Authority and Selected Securities Act and Exchange Act Provisions (www.practicallaw.com/3-502-8592) . Summary of the Dodd-Frank Act: Executive Compensation (www.practicallaw.com/5-502-8341) . Summary of the Dodd-Frank Act: Corporate Governance (www.practicallaw.com/9-502-8358) .