The Dodd-Frank Wall Street Reform and Consumer Protection Act’s Affect on Mortgages

For those of you wondering how the Dodd-Frank Wall Street Reform & Consumer Protection Act is going to affect your chances of getting a mortgage, I would say – just go find a quiet place and read the bill start to finish. Yeah right! I would love to believe that you would do that but let me be honest I don’t even want to do that. Yeah sure, I’m probably exaggerating, I mean It’s only 383,013 words long and has had 16 different titles as it’s gone through the process of changing 243 rules. So yeah, no big deal, go ahead and read the whole thing and don’t forget to understand everything it says! Yeah like that’s gonna happen.

I admit, legal documents can be confusing and frustrating and sometimes when you read them you want to gouge your own eyes out with forks out of sheer boredom or complete and utter lack of understanding, in many cases it’s both reasons. But please do not turn to the salad forks! You really shouldn’t do that in any situation, it just isn’t a good coping mechanism. So instead we have a solution! In the light of this bill and the confusion it could bring by reading through it, we are keeping it simple here. In the name of saving eyeballs, we are answering the question of how the Dodd-Frank Wall Street Reform & Consumer Protection Act will affect mortgage seekers. So without further adieu, Please enjoy the graphic below.

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Dodd–Frank Wall Street Reform and Consumer Protection Act

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Do you understand it now? Maybe not completely, but it sure is easier to understand than a long page of legal terms. If you still have questions about whether you qualify for a VA Loan with this new change, just give us a call at 866-569-8272. We’ll put you through to a licenced loan officer right away, we can’t wait to hear from you!


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