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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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I applied NYU on October 8th like r give up right?
16:46
wtf
16:47
i'd reach out to their admissions and check up on it
I did 2x and they said "The vast majority of candidates who have submitted their complete application by our deadline will be notified by the last day of April"
like kinda fucked
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ugh that's so annoying
law schools that ghost should give you your money back
or reject
like man GIVE IT BACK!!!!
ClassyPleasantHeron
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Schools explicitly asking applicants to retake the LSAT are TTTs pretending to be 2nd tier.
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like man oklahoma more like oklahowaboutyoueatmyshoe
me when that person on reddit said UofU wave and it's.... 3 people
help who just posted that right after I started bitching in chat
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QuarrelsomeTurkey
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does anyone know if bu ever releases after 5 pm
Lol @jupitersmoons It feels like UofU is screwing with us haha
fr like I know it"s Mountain Time but bestie we have less than half an hour before typical EOD
what we doing
Real
19:17
new COAs are out
19:37
Anyone know how long it takes to get aid package after getting admitted to UChicago or Northwestern?
I’d ask in the t14 chat bc lol it may be a bit until you can get someone who can answer that question here
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@syddak: Oof tough spot. Congrats on the As. Did either indicate either via email/mail that they would be following up with aid, and if so, did they provide a time frame? It may be acceptable to email them and indicate seat deposits are fast approaching and you are curious if you can expect further info (aid) from the school to aid u in ur decision..
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@UnderRepresentedTryhard: that’s a greater than sign. Meaning outside t14
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Schools>t14
IrishDinosaur
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I'm convinced USC doesn't really exist
IrishDinosaur
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it's an elaborate hoax
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