Dodd Frank Certification Form | Making Home Affordable

by Dori Tery on September 23, 2012

Information about Dodd Frank certification form

Dodd frank certification form is a statement form that declares that a person is not convicted of any crimes regarding real estate deals and money transaction. It is a very important part of home programs that are affordable. The form specifically states that the person filling up the form is not involved in the crimes like tax evasion, theft, forgery, money laundering, larceny and felony in the past ten years.This form was introduced as a part of the reform of Wall Street and also t protect the consumers from fraudulent activities.

The Dodd Frank certification form must be signed by both the borrowers as well as the co-borrowers. This certified statement makes the mortgage industry both refined as well as fair for consumers as it employs a method that is unbiased. It creates the much needed equilibrium by eliminating or removing those who have already taken a good advantage of the system in the previous years. The Dodd Frank certification form Citimortgage Making Home Affordable Foreclosure Alternative (HAFA) Matrix is one of the good example.

This certification is very much necessary if a person wants assistance through the program of “Making Home Affordable”. The Dodd Frank certification form is available at many online sites and it must be appropriately filled and duly signed with the date in all the right places. The form is also available with the any legal counsel. In the recent times however there are certain modifications that are made to the application format. They are: the servicer is required to retain a photocopy of the original certificate form and also to stamp and date the original copy even if it is dated by the borrower differently. The compliance date of the form will be the date on which the servicer will stamp the form, in case the borrower forgot to date the certificate form.

How to fill up the Dodd Frank certificate form?

The Dodd Frank certification form needs only a date and a signature. There is the space for the signature of the borrower followed by a similar space for the signature of the co-borrower. There are dates consequently that needed to be filled to complete the process of certification. However the certificate will be effective on and from the date that it is received by the servicer. There are certain new protocols that are to be implemented by the servicer due to the aforementioned changes that are made in the format of the certification form. The servicer is now required to verify the eligibility of the borrower and the co-borrower on the basis of the total income of both. Also it is necessary for the servicer to document the calculating process of the gross income of the non borrower, the borrower and the co- borrower and this provides a better consistency of the process of review.

dodd frank certification formOther documents that are needed as a proof along with the certification form are the document that is described in the chapter 2, section 5 of the Handbook. (a) How the calculation of the income scenarios like overtime, sporadic incomes, underemployment etc is done by the servicer along with the gross income.(b) How the discrepancies between the modification request and the affidavit is done by the servicer along with documents of tax and income must. These are the documents that are necessary to be provided with the Dodd Frank certification form after the recent revision. In summary, Dodd Frank Certificate is the certification prepared by lender and forward to you to sign that states all the necessary data and information you are providing to lender is true and accurate and that you are not a convicted criminal. As mentioned earlier , it is a recent law that mentions no individual shall be eligible to accept support from the MHA program or any other government mortgage assistance program sponsored by the Dodd Frank Act, if such individual, in connection with a mortgage or real estate transaction. Within the last 10 years they need to ensure you are cleaned from any of the following actions like felony larceny, theft, scam, counterfeit, money laundering or tax evasion.

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