Reformation and Regulations - Part I - Dodd-Frank Act & Mortgage Reform

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Entitled Part I: Reformation and Regulations, the article is the first of a 3-part series that dissects the landmark financial reform legislation now known as the Dodd-Frank Act.

The Act spans to 2,319 pages and affects almost every aspect of the financial services industry in the United States. Just the sheer size of the Act is indicative of the complexity and detailed, interlocking, regulatory authorities and mandates involved. Compare this with the 31 pages of the Federal Reserve Act which became law almost one hundred years ago.

The law's size also should be taken to reflect the enormous increase in regulations in the intervening years that must be factored into or subsumed under the Act.

In this article, I provide a chart of the Act's reform and consumer protection features, as they relate to residential mortgage loan originations; and, I review the Mortgage Loan Regulatory Provisions and, where relevant, their integration into other parts of the Act.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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