More than a month ago, the 2,300-plus page Dodd-Frank WallStreet Reform and Consumer Protection Act was signed into law. Itwill be months, possibly years, before the full impact of the lawis realized, not only in commercial real estate finance but also inother forms of business lending and credit, as well as consumerrights.

For example, the Federal Deposit Insurance Corp. is evaluatingthe different options to replace private credit ratings in itsreview of bank capital levels. Regulators have a year to review andreplace this key metric. How it will affect banks' lending at thispoint is anyone's guess. In the more immediate term, the FederalReserve is conducting a 90-day study to gauge the law's impact onthe market. That study is not quite at the half-way mark yet.

That said, there are some tips borrowers can follow to preparefor the changes, whatever they may be. For the most part, thesemerely highlight the immense amount of uncertainty that is ahead.However, it is better to be prepared for that than assume it isbusiness as usual, or worse, that the new regulations will usher ina new era of clear-cut lending.