General Tips – Dodd Frank Form Summary

by Dori Tery on August 15, 2013

General Information of Dodd Frank Form Summary

The financial crisis hit the USA in 2008 that influenced the global economy as well. In America, there were millions unemployed and trillions of wealth loss. One of the main causes of the crisis was the ill-regulated financial system of the USA. The Dodd Frank Bill is the common name of the Financial Reform or the Wall Street Reform. US President, Barack Obama signed the bill on July 22, 2010. The objective of this law was to make sure that the financial system of the country is free from crisis and the investor’s money is well protected. Important aspects of this act are the establishments of Financial Stability Oversight Council and the Consumer Financial Protection Bureau which aimed at limiting complex and large instruments of finance as well as bringing transparency in the derivative market. It is also concerned with the different requirements of the Credit Rating Agencies that enables the shareholders to have a say regarding the CEO bonuses.

The Dodd Frank Summary – The Certification Time Period

The requirement of the certification came into effect from 21st September, 2010. It is mandatory that the services obtain the complete certification from every borrower as per the rules stipulated in Exhibit A. The interim time period that had been stated in Exhibit A was between 22nd September, 2010 to 31st December, 2010. The final period according to Exhibit A had begun from1st January, 2011. The Dodd Frank Form Summary is attached as the Exhibit B to the Supplemental Directive. Guidance regarding the certification of the Dodd Frank act is issued on the subsequent Supplemental Directives.

Tips To Get The Dodd Frank Form Summary

To get the Dodd Frank Form Summary, you should get documents copied that are referred as Request for Modification. You must also get the affidavit form. You may get them downloaded online. After that, you will have to fill up the application field. You may have to include all your tax papers with the application if the Internal Revenue Service demands. You may also have to submit a couple of payslips with the Dodd Frank Form Summary. You may get the form downloaded and send it to the facility that you are applying to so that they may verify and get your loan processed.

Regulations of The Dodd Frank Act

dodd frank form summaryBefore the acquisition of the Dodd Frank Form Summary, an applicant must know if he is eligible or not. The MHA or the Making Home Affordable program was introduced in 2009 by the administration of Obama. The objective was to reach stability in the housing market and assist the homeowners who are struggling to avoid foreclosure. Servicers who are involved with the MHA in terms of mortgage loan owned by Freddie Mac which is complied with Dodd Frank Act Section 1481(d) are guided by the Supplemental Directive.

According to the Dodd Drank Certification, you will not be able to receive any assistance under the programs of MHA, if you are connected with felony, larceny, fraud, forgery or theft in the last ten years as far as real estate or mortgage transactions are concerned. The Dodd Frank Form Summary will be denied to you if you are found guilty of money laundering or evading taxes.

Watch Video – Dodd Frank Certification Form

Watch Video – Dodd Frank Act Summary

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