Dodd-Frank Act - Articles

Homebuying: 4 Must-Do's Before You Even Start Shopping

ShutterstockGetting your financial house in order before homebuying is now a must. For home shoppers, looking at homes and imagining living there is the best part of the process. But like a child who must eat their vegetables before getting dessert, first-time homebuyers have a lot of work to do before making a bid on a... Continue Reading »

Consumer Bureau Introduces New Mortgage Tool

AP By Christine DiGangi Successful problem solving often depends on the tools you're given: The better your information, the more equipped you are to identify and solve an issue. That's the idea behind the Consumer Financial Protection Bureau's new mortgage data tool and the new data-reporting requirements it plans to... Continue Reading »

New Mortgage Rules: 4 Things You Need to Know

Shutterstock By Erin Lantz You may have heard that new mortgage rules issued by the Consumer Financial Protection Bureau take effect today. If you're shopping for a home or planning to refinance your mortgage, you may be thinking: Isn't getting a home loan already a lot tougher than it used to be? Will these new CFPB... Continue Reading »

New Mortgage Rules Take Effect: Housing Sector Braces for Headaches

AP By Emily Stephenson and Margaret Chadbourn U.S. banks and housing groups are bracing for paperwork headaches and delays as major post-crisis mortgage reforms take effect later this week, but experts say prior warnings of a blow to the housing recovery will not be proven right. On Friday, lenders must be prepared to... Continue Reading »

HUD Releases New Rules on Mortgages

Shutterstock By Sarah N. Lynch New mortgage rules designed to prevent a repeat of the 2007-2009 financial crisis, when foreclosures spiked because of risky bank practices, were finalized by the U.S. Department of Housing and Urban Development on Wednesday. The agency said the changes are based on work by the U.S.... Continue Reading »

New Laws Set to Hit Home in 2014

Shutterstock Along with the new year comes another slate of new federal, state and municipal laws, several of which are aimed at improving -- or at least regulating -- what goes on in and around our homes, ranging from switching on a light to lighting up a joint. While the biggest changes are arguably from rules designed... Continue Reading »

20% of Today's Mortgages Would Fail New Loan Standard, Study Says

Getty Images An analysis of home loans showed that 1 in 5 current mortgages would not meet the qualified mortgage safe harbor standard that goes into effect in January. Financial risk-management company ComplianceEase released a study highlighting the likely impact of the qualified mortgage, or QM, rule on the industry.... Continue Reading »

Consumer Bureau Targets Predatory Lending

By James O'Toole The federal government is considering a new set of rules on mortgage origination that it says would make the process simpler and more transparent for borrowers. The Consumer Financial Protection Bureau, created as part of the Dodd-Frank financial reform law, said Wednesday that the new rules will focus... Continue Reading »

Home Loan Help for Jobless in Jeopardy

Thousands of potentially eligible homeowners may be left out of a $1 billion Department of Housing and Urban Development program that provides interest-free loans to the unemployed because of documentation and timing problems. The Dodd-Frank Act required HUD to develop the Emergency Homeowners Loan Program. Unemployed... Continue Reading »

Unemployed Mortgage Assistance Program Extended

The Department of Housing and Urban Development will begin taking applications again for a new program providing interest-free loans to unemployed borrowers struggling with their mortgage payments. Under the Dodd-Frank Act authority, HUD launched the $1 billion Emergency Homeowners Loan Program in June. Unemployed... Continue Reading »

Seller Financing: An Idea Whose Time Has Come

Do you want to sell your house but have figured out that buyers are as scarce as snowflakes in the Arizona desert? If you've owned your home for a long while and have equity in it, your best bet might be to offer seller financing. Seller financing essentially means that you will act as the bank when the bank won't. It's... Continue Reading »

Five Tips For Seller Financing

If you want something done right, do it yourself. Even when it comes to lending a buyer the money to purchase your house. According to the National Association of Realtors, seller financing is on the rise. For frustrated sellers with plenty of equity in their homes, it could be one way to help move a stalled property off... Continue Reading »

HUD: Help on the Way for Unemployed Homeowners

The Department of Housing and Urban Development launched a long-awaited program to provide interest-free loans to help unemployed borrowers in 27 states with their mortgage payments. "Through the Emergency Homeowners' Loan Program the Obama Administration is continuing our strong commitment to help keep families in their... Continue Reading »

20 Percent Down Payments on the Way...If We're Lucky

Federal banking regulators are pushing for 20 percent down payments, according the Wall Street Journal. You see, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 -- the name which draws guffaws of cynical amazement among those who know what Chris "Friend of Angelo" Dodd, pictured left, and Barney "My... Continue Reading »

Unemployed Homeowners: EHLP Is on the Way

Being unemployed took its toll quickly on Sharon Greene, a single mother of three and Philadelphia homeowner. Greene was already struggling to stay current on her mortgage when the news hit. The security company that employed her for the past 8 years had just laid her off, and the bills were piling up. Then the notice... Continue Reading »

Appraisals: New Rules to an Old Real Estate Game

When President Obama signed the Dodd-Frank Act in late July, he ended the controversial Home Valuation Code of Conduct or HVCC, now set to expire in 90 days. HVCC was implemented in May 2009 by the Federal Housing Financing Agency "as an attempt to improve the independence of appraisers by prohibiting lenders and third... Continue Reading »

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