MLO

• The Real Estate
• Settlement Procedures Act (RESPA) ensures that consumers throughout the nation
• are provided with more helpful information about the cost of the mortgage
• settlement and protected from unnecessarily high settlement charges caused by
• certain abusive practices. The most recent RESPA Rule makes obtaining mortgage
• financing clearer and, ultimately, cheaper for consumers. The new Rule
• includes a required, standardized Good Faith Estimate (GFE) to facilitate
• shopping among settlement service providers and to improve disclosure of
• settlement costs and interest rate related terms. The HUD-1 was improved
• to help consumers determine if their actual closing costs were within
• established tolerance requirements.

• (b)  Purpose.  The purpose of this regulation
• is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or
• part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices
• that discriminate on the basis of any of these factors. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain
• records of credit applications; and to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; and to provide applicants with copies of appraisal reports used in connection with credit transactions.

The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1975 and was implemented by the Federal Reserve Board's Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB). Regulation C, requires lending institutions to report public loan data. In this section of the website, you can find out more about the regulation and its interpretation.

• The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness
• and privacy of information in the files of consumer reporting agencies. There
• are many types of consumer reporting agencies, including credit bureaus and
• specialty agencies (such as agencies that sell information about check writing
• histories, medical records, and rental history records). Here is a summary of
• your major rights under the FCRA.