Truth in Lending Act (TILA) and Regulation Z: Federal law requiring disclosure of key loan terms, costs, and fees in mortgage lending. Implemented through Regulation Z, it ensures borrowers receive clear information about loan terms and conditions.
Real Estate Settlement Procedures Act (RESPA) and Regulation X: Federal law governing real estate settlement processes and requiring specific disclosures about settlement services. Ensures transparency in the settlement process and prohibits kickbacks.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending practices and ensuring fair access to credit regardless of race, color, religion, national origin, sex, marital status, age, or source of income.
Fair Housing Act: Federal law preventing discrimination in housing-related transactions, including mortgage lending, based on protected characteristics such as race, color, religion, sex, disability, familial status, or national origin.
Home Mortgage Disclosure Act (HMDA): Federal law requiring financial institutions to maintain and report lending data to ensure transparency in mortgage lending practices and identify possible discriminatory lending patterns.
Dodd-Frank Wall Street Reform: Comprehensive federal law introducing additional consumer protections in mortgage lending, including Qualified Mortgage (QM) rules and enhanced oversight of financial institutions.
State Usury Laws: State-specific laws that regulate maximum interest rates and charges that can be applied to mortgage loans within that jurisdiction.
State Disclosure Requirements: State-specific laws mandating additional disclosures beyond federal requirements for mortgage loans within that state's jurisdiction.
State Foreclosure Laws: State-specific regulations governing the foreclosure process, including notice requirements, judicial vs. non-judicial procedures, and borrower rights.
State Lending Regulations: State-specific rules governing mortgage lending practices, including licensing requirements, loan officer qualifications, and prohibited practices.
CFPB Guidelines: Regulatory guidelines issued by the Consumer Financial Protection Bureau that provide additional oversight and requirements for mortgage lending practices.
Federal Reserve Board Regulations: Regulations issued by the Federal Reserve that impact mortgage lending practices, including requirements for bank operations and consumer protection.
