"Dodd-Frank WallStreet Reform and Consumer Protection Act"
On July 21, 2010 President Barack Obama signed the "Dodd Frank Wallstreet Refrom and Consumer Protection Act" which aims to prevent what led to the breakdown in the mortgage lending market and to protect consumers applying for mortgages. With this increased regulation it will impact both mortgages lenders and consumers. It does provide new opportunities for affordable home ownership and enables current home owners at risk for foreclosure to re-fi or modify there mortgages.
Many of these regulations will be developed over a period of time and each provision will have a different effective date and some will have a transition period in order for lenders to meet these requirements. This is a very lengthy Act with to many provisions to mention so I have attached a link for more info on this act,
http://en.wikipedia.org/wiki/dodd-frank_act
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices@yahoo.com
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