Dodd Frank Act Implementation

Loura K. Sanchez | Tuesday, January 29, 2013 | National Legislation

The CFPB issued its 804 page regulation recently as a part of the rule making required by the Dodd Frank Act.  Many of you may be saying why do I care? These rules are important because they now make it clear that lenders MUST consider not only a borrower’s ability to pay mortgage principal, interest, taxes and insurance but also the borrower’s ability to pay assessments.  Not only are regular assessments considered as a part of the ability to pay but also special assessments.  These rules can only help our associations have stronger financial infrastructures.

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