Truth in Lending Act (TILA) and Regulation Z: Federal law requiring specific disclosures about loan terms, including accurate APR and finance charges disclosure. Ensures transparency in lending practices.
Dodd-Frank Act: Federal legislation establishing ability-to-repay requirements and setting standards for qualified mortgages in seller financing arrangements.
Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures about settlement services.
Home Mortgage Disclosure Act (HMDA): Federal legislation ensuring fair lending practices and preventing discrimination in mortgage lending.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions and ensuring equal access to credit regardless of protected characteristics.
State Usury Laws: State-specific regulations governing maximum interest rates and late payment penalties that can be charged in mortgage contracts.
State Mortgage and Foreclosure Laws: State-specific requirements for mortgage recording and foreclosure procedures, varying by jurisdiction.
State Disclosure Requirements: Additional state-mandated forms, disclosures, and cooling-off periods specific to mortgage transactions.
State Licensing Requirements: Regulations regarding seller/lender licensing and mortgage originator licensing requirements at the state level.
IRS Regulations: Federal tax regulations governing the treatment of mortgage interest and related tax implications in seller-financed transactions.
Local Recording Requirements: County and municipal requirements for recording mortgage documents and associated fees.
State Consumer Protection Laws: State-specific laws designed to protect consumers in mortgage transactions and real estate dealings.
Security Instrument Requirements: Legal requirements for creating and maintaining valid security interests in the mortgaged property.
