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Simple English definitions for legal terms

Dodd-Frank: Title XIV - Mortgage Reform and Anti-Predatory Lending Act

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A quick definition of Dodd-Frank: Title XIV - Mortgage Reform and Anti-Predatory Lending Act:

Dodd-Frank: Title XIV - Mortgage Reform and Anti-Predatory Lending Act is a law that was created after the 2008 economic crisis. It aims to prevent predatory lending practices in the mortgage industry by establishing minimum standards for mortgage products and requiring mortgage originators to be properly qualified and licensed. The law also requires additional disclosures to be given to borrowers and prohibits certain types of prepayment penalties. Additionally, the law establishes an Office of Housing Counseling to provide information and assistance to borrowers during the mortgage application process. The law also requires creditors to get a written appraisal of the property before extending a higher-risk mortgage to a borrower and creates a program to help protect current and future residential tenants.

A more thorough explanation:

Definition: The Dodd-Frank Act was created in response to the 2008 economic crisis, which was partly caused by the real estate bubble bursting. Title XIV of the Act, also known as the Mortgage Reform and Anti-Predatory Lending Act, aims to protect borrowers from predatory lending practices and establish minimum standards for mortgage products.

Examples: Title XIV includes provisions such as:

  • Requiring mortgage originators to be properly qualified, registered, and licensed, and to comply with regulations designed to monitor their operations.
  • Prohibiting mortgage originators from receiving compensation that is correlated to the face amount of the loan, which should reduce incentives for steering borrowers towards loans they cannot repay.
  • Establishing minimum standards for all mortgage products, including a requirement for creditors to reasonably determine that the borrower can repay the loan based on their credit history, income, and other factors.
  • Prohibiting certain types of prepayment penalties and balloon payments that rapidly increase scheduled payments.
  • Requiring additional disclosures to borrowers for home mortgages, both at the time the mortgage is made and in monthly loan statements.
  • Establishing the Office of Housing Counseling to provide information, educational programs, and assistance to borrowers during the mortgage application process.
  • Prohibiting mortgage servicers from obtaining force-placed insurance without reasonable basis, charging fees for responding to valid written requests, and failing to comply with other obligations.
  • Requiring creditors to get a written appraisal of the property before extending a higher-risk mortgage to a borrower.
  • Creating a program to help protect current and future residential tenants by making sure the property owner has sustainable financing and funds for rehabilitation of the property.

Explanation: These examples illustrate how Title XIV of the Dodd-Frank Act aims to protect borrowers from predatory lending practices and establish minimum standards for mortgage products. By requiring mortgage originators to be properly qualified and prohibiting certain types of prepayment penalties and balloon payments, borrowers are less likely to be steered towards loans they cannot repay. The additional disclosures and establishment of the Office of Housing Counseling also provide borrowers with more information and assistance during the mortgage application process. The Act also aims to protect tenants and establish a program to provide foreclosure legal assistance to low- and moderate-income homeowners and tenants.

Dodd-Frank: Title XIII - Pay It Back Act | Dodd-Frank: Title XV - Miscellaneous Provisions

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15:40
@eggan: 日本人?
15:43
my boss keeps laughing about how he paid $1,500.00 for law school in the 70s at UTK
15:43
so funny lol ur so funny boss
i would've jumped across his desk and strangled him i think
MrThickRopes
15:44
@DefinitelyRobbingBanks: if I got a 164 I woulda
MrThickRopes
15:45
woulda taken dat 164 strait to Ronald hisself
DefinitelyRobbingBanks
15:45
@MrThickRopes: Ah you right. That 165 really makes you Wendy's quality.
there's also attorneys that never even went to school but passed the bar
like oh!!!!!!!!!!!!!!!okay!!!!!!!!!!!!!!!
MrThickRopes
15:47
Bro u can still do dat in sum states
eggan
15:47
@Besmirchin: 日本人じゃないけど
that's crazy
and then there's wisconsin
MrThickRopes
15:48
Can do dat in California
eggan
15:48
二年間半に日本語勉強してる
if this cycle explodes in my face.......2026 here i come!!!!!!!!!
uSC just accept me so I can boil in your humidity, in the city of my ancestors, let me boil
15:50
@eggan: いいですね, 私も
MrThickRopes
15:50
What we get fo pm
i'm from the midwest and applied to all these warm states and i'm fearful
if school doesn't kill me first.....then florida weather just might
DefinitelyRobbingBanks
15:53
Nah the weather really isn't that bad.
DefinitelyRobbingBanks
15:53
It gets hot for sure, but like the cold, you get used to it.
DefinitelyRobbingBanks
15:54
Sweaty for sure, but not as bad as touted
this gives me strength......thank u robbingbanks i hope ur next heist is a success
unrelated but seton's cycle has been interesting to follow
now if they could just let me in that would be cool
MrThickRopes
16:00
Fuck fo pm
llama
16:04
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llama
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