Real Estate and Lending Regulations Vocabulary

Vocabulary flashcards covering key real estate lending acts, regulations, regulators, and retention requirements.

RESPA

Real Estate Settlement Procedure Act (Reg X), which protects consumers from excessive fees.

CFPB

Consumer Financial Protection Bureau, the primary regulator that carries most of the responsibility under the Dodd-Frank Act.

Dodd-Frank Act

Legislation establishing the primary regulatory framework enforced by the CFPB.

ECOA

Equal Credit Opportunity Act (Reg B), which prevents discrimination and promotes available credit. Requires $30\text{ days}$ notice of action taken and $25\text{ months}$ record retention.

FTC

Federal Trade Commission, which targets fraud and deceptive business practices, promotes Fair & Truthful Commerce, covers ABC loans, and enforces the rules lenders follow to comply with ECOA.

HMDA

Home Mortgage Disclosure Act (Reg C), which identifies discrimination and requires $3\text{ years}$ record retention.

TILA

Truth in Lending Act (Reg Z), which makes lenders disclose the true cost of financing and requires $2\text{ years}$ record retention.

HOEPA

Home Ownership and Equity Protection Act, enacted as part of TILA (Reg Z) and overseen by the CFPB, which protects high-cost mortgages on principal dwellings only.

HPML

High Priced Mortgage Loans, where APR is much higher than APOR. Thresholds are $1.5\text{ }\text{\%}$ for a normal first lien, $2.5\text{ }\text{\%}$ for a large first lien, and $3.5\text{ }\text{\%}$ for a subordinate lien.