Truth in Lending Act (TILA) and Regulation Z: Federal law that requires lenders to provide standardized disclosures about credit terms and costs, protecting consumers in credit transactions including mortgage loans.
Real Estate Settlement Procedures Act (RESPA) and Regulation X: Federal law governing real estate settlement processes, requiring disclosure of settlement costs and prohibiting kickbacks in real estate transactions.
Home Mortgage Disclosure Act (HMDA): Requires financial institutions to maintain and annually disclose data about home purchases, refinancing and home improvement loans to ensure fair lending practices.
Fair Credit Reporting Act (FCRA): Regulates the collection and use of consumer credit information, ensuring accuracy and privacy of consumer credit reports.
Equal Credit Opportunity Act (ECOA): Prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance program participation.
Fair Housing Act: Prohibits discrimination in residential real estate transactions, including mortgage lending, based on protected characteristics.
Dodd-Frank Wall Street Reform: Comprehensive financial reform law that introduced new mortgage lending requirements and created the Consumer Financial Protection Bureau.
State Banking Laws: State-specific regulations governing banking operations and mortgage lending within individual states.
State Consumer Protection Laws: State-level laws protecting consumers in financial transactions, including mortgage lending and real estate purchases.
Uniform Commercial Code (UCC): Standardized state laws governing commercial transactions, including provisions relevant to mortgage loan sales and transfers.
Bank Secrecy Act (BSA): Requires financial institutions to assist government agencies in detecting and preventing money laundering in mortgage transactions.
Anti-Money Laundering (AML) Regulations: Rules requiring financial institutions to verify customer identity and monitor transactions for suspicious activity.
USA PATRIOT Act Requirements: Enhanced due diligence requirements for financial institutions, including customer identification programs and suspicious activity reporting.
State Licensing Requirements: State-specific licensing and registration requirements for mortgage lenders, servicers, and purchasers.
State Usury Laws: State-specific limitations on interest rates and loan charges that can be applied to mortgage loans.
