Introduction to mortgage section of Dodd-Frank Act1 of 9New financial reform legislation includes provisions to prevent lenders from offering mortgages borrowers can't afford or understand.The Dodd-Frank Wall Street Reform and Consumer Protection Act devotes more than 200 pages to a section called the Mortgage Reform and Anti-Predatory Lending Act. It addresses issues as diverse as prepayment penalties and Chinese drywall.The legislation says its purpose is "to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive."The following slides explain how the new legislation may affect your next mortgage. Related Articles:Conventional refinanceLow score = high paymentLow cost refinanceFind a mortgage rateRelated Links:Buying your first homeMortgage calculator 101How to kill a loan closingBest mortgage for you? advertisement
New financial reform legislation includes provisions to prevent lenders from offering mortgages borrowers can't afford or understand.
The Dodd-Frank Wall Street Reform and Consumer Protection Act devotes more than 200 pages to a section called the Mortgage Reform and Anti-Predatory Lending Act. It addresses issues as diverse as prepayment penalties and Chinese drywall.
The legislation says its purpose is "to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive."
The following slides explain how the new legislation may affect your next mortgage.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Feeling lost in the mortgage wilderness?