CC: My borrower would like to get a lower rate by agreeing to a prepay.Lender: We don't do loans with prepay penalties.CC: Why not?Lender: They're not allowed under the Dodd-Frank Act.CC: What do you mean? It says right here that…[quote]Lender: Too bad…so sad. The Dodd-Frank Act is an inflexibly incorrigible mess, so we don't do prepay penalty loans. Full doc, high FICO, low LTV plain vanilla loans are what we do.CC: B-b-b-but…Lender: Have a nice day. [click]So while technically the lender could jump through regulatory hoops to add a PPP, they won't because the Dodd-Frank Act is a 13,000 page convoluted mishmash of rules and regulations designed to ensnare even the most cautious lender.
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