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.
This post is based on a Paul Weiss client memo by Mr. Huntington, Robert M. Hirsh, Manuel S. Frey, Mark S. Bergman, Frances Mi and Da-Wai Hu. Other Forum contributors from Wachtell, Lipton, Rosen & Katz have published a firm memorandum on the impact of the Dodd-Frank Act on fund managers, which is available here. Additional posts relating to the Dodd-Frank Act are available here. On June 25, 2010, a House-Senate conference committee reached final agreement on the Dodd-Frank Wall Street Reform and Consumer Protection Act (the âActâ). The conference report must be approved by the House and Senate before the bill is presented to the President for signature.