Dodd Frank Certification is a very simple but very important part of the making home affordable program. Quite simply, it is your statement that you have not been involved in or convicted of crimes involving a real estate transaction. Specifically, it lists the following: You shall not have been convicted of, within the last 10 years, any of the following in connection with a real estate transaction:
- felony larceny, theft, fraud or forgery,
- money laundering or
- tax evasion
All borrowers and co-borrowers must sign this for and make this certified statement. This was put in place as part of the Dodd Frank Wall Street Reform and Consumer Protection Act in order to continue to refine and regulate the mortgage industry. The government wants to support the people in as fair and unbiased method possible. Eliminating those who have previously taken advantage of the system is a good way to get this equalibrium in motion.
Dodd frank certification forms are available in many places on the internet and with your legal counsel. The form is generally just one page as it is a single question followed by a signature and date line. Make sure you fill it out, though, as the Dodd Frank Certification will be required should you want to have any assistance given through the Making Home Affordable Program.