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.
Which closing costs can I negotiate? Since Dodd-Frank was signed into law during the summer of 2010, mortgage lenders must charge the same origination, underwriting, administrative and doc-preparation fees (often referred to as junk fees) to each of their customers. If they don't, they're violating federal law. However, savvy consumers can still negotiate some of their closing costs.