The Dodd-Frank Wall Street Reform and Consumer Protection Act: Mortgage industry considerations

On July 21, 2010, when President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank" or the "Act"), the largest set of financial regulatory reforms since the Great Depression became law. The sweeping legislation will significantly impact every aspect of the financial services sector — and the mortgage industry is no exception. Indeed, perceived by many as the epicenter of the kinds of practices and abuses that led the nation into the recent financial crisis, the origination and servicing businesses are lodged squarely in the cross-hairs of Dodd-Frank.