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The Dodd-Frank Act was the government’s answer to the 2008 mortgage crisis. It was meant to shut down risky lending practices and established several new authorities and bureaus to oversee the stability of the market. 

Some important parts of the Dodd-Frank Act that mortgage borrowers should know about include:

• Banks have been forced to increase their reserve requirements.
• Provisions that prevent mortgage brokers from earning higher commissions on loans with higher fees and interest rates.
• Prevents mortgage originators from steering borrowers to loans that result in the highest payment for them, just because it will result in the highest payment. 
• It requires lenders to disclose information in a form that is easy to read and understand. 
• It strengthened and expanded whistleblower protections and incentives. 
• It gives the Federal Reserve Board more authority to prohibit deceptive, unfair, or predatory loan terms.
• It establishes minimum standards for all mortgage products. 
• It prevents mortgage lenders from issuing a loan unless they can reasonably determine that the borrower can repay the loan. 
• It prohibits certain mortgage prepayment penalties. 
• It established the Office of Housing Counseling which provides consumers with information, educational programs, and assistance to mortgage borrowers.
• Mortgage servicers may not obtain force-placed insurance without some reasonable basis to believe the borrower has not maintained property insurance. 
• Creditors are required to get a written appraisal of the property before extending a high-risk mortgage, at the creditor’s expense. 

Critics of the Act say that all the tight regulation makes home ownership more expensive for consumers by increasing the cost of mortgage financing, making it harder for lower income borrowers to obtain a home, as well as first-time buyers. It may also have pushed more mortgage lending activity to non-bank mortgage companies. 

Nevertheless, the situation isn’t as bleak as some pundits make it out to be. There are still plenty of programs aimed at first time buyers and low income buyers. You can still get a zero down mortgage if you choose the right program, or a low down payment mortgage. 

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Here at the Doce Mortgage Group, we did not need special regulatory standards to treat our borrowers with the highest level of respect and to offer the loan products that were right for them, not for us. We considered those provisions to be a matter of basic integrity long before they were written into the law.

We are committed to using responsible underwriting practices and to providing the information and advice that can help you purchase a home.

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