Dodd Frank Certification

It has been around a year since Dodd Frank Wall Street Reform and Consumer Protection Act was passed By Obama administration and is a statute ever since. It is a financial reform supported by Democrats that is seen as a response to the recession experienced by the country in 2008-2009 and even billed as the most significant piece of legislation in the country since Great Depression in the thirties last century. The bill is named after two members of the drafting committee who are also members of Congress. There are many benefits of Dodd Frank certification, a few of which will be discussed in this article.

For people requiring assistance from federally funded programs for building homes such as Making Home Affordable Program, it is mandatory to furnish information that he has not been convicted of felony, money laundering, or tax evasion in the last 10 years. This is a provision under Dodd Frank act and this certification is what makes one eligible to receive assistance in loan modification programs.

So if you are thinking of applying for loan modification under Home Affordable or Making Home Affordable, keep this Dodd Frank certification handy as it is going to be the basis to provide relief to you in loan modification program.

To get approval under loan modification, you need to furnish following information in accordance with Emergency economic Stabilization act passed in 2008.
That you have not been convicted in any real estate transaction in the last 10 years and also not been convicted in any mortgage case.
This includes cases of larceny, fraud, forgery, and even theft.
You have not been involved in any money laundering case
You have not been involved in any tax evasion case
The provisions of Dodd Frank certification apply equally on borrower and co borrower as is clear on the website of Making Home Affordable. This provision means lenders are obliged to conduct all relevant searches through databases to confirm that you are indeed eligible for federal assistance under Home Affordable program and that your loan could be suitably modified to improve loan repayment conditions. All sorts of checks are performed by lenders to fulfill the requirements under Dodd Frank certification. You on your part must provide all correct information as submitting false information can lead to penalties and even possible imprisonment.

It is to be noted that applying for loan modification is free under this act. People in general are apprehensive about loan modification programs and their experiences for the same are full of harrowing stories related with paperwork and other formalities that made people running from pillar to post. But today things are changing courtesy Dodd Frank certification that has eased the process quite a bit and saved many homeowners from going broke or losing out on the ownership of their homes because of foreclosures in these hard economic times.

Dodd Frank certification, when given to you by the lender and filled by you and finally being stamped by the bank or other financial institution certifies that you are eligible for federal assistance as you have not been convicted for financial irregularities as mentioned under the act.