On July 15th, Congress passed the “Dodd-Frank Wall Street Reform and Consumer Protection Act” and President Obama is planning to sign the bill into law sometime next week. A main purpose of this act is to increase regulation of investment banks, hedge funds and other large financial institutions.
However, the 1700-plus page bill contains provisions for new rules, regulations and mandates that will likely impact the entire mortgage lending industry and, perhaps, your bottom line. Over the course of the next several weeks, we will deliver periodic emails with information on the mortgage lending related provisions in the act, along with a discussion of how and when you may see them impact your business. We hope you find these communications helpful as we continue to strive to bring relevant industry information to students of the Real Estate Institute.