Federal Laws

• Equal Credit Opportunity Act (ECOA)
  Prohibits discrimination in lending. ECOA prohibits any creditor from discriminating against an applicant with respect to any aspect of a credit transaction based on sex, race, color, religion, national origin, disability or parental status.
• Fair Credit Reporting Act (FCRA)
  Stipulates the requirements of users of credit reports and disclosure to consumers.
• Fair Housing Act
  Provides protection against housing-related discriminatory practices based on sex, race, color, religion, national origin, disability or parental status.
• Home Ownership and Equity Protection Act (HOEPA)
  Requires additional disclosures for certain types of high cost loans.
• Real Estate Settlement Procedures Act (RESPA)
  Prohibits cost increasing abusive practices such as kickbacks and referral fees, and requires advance disclosure of settlement service costs.
• Truth-in-Lending (TILA)
  Requires disclosure of the cost of credit to the consumer and the terms of repayment.
• Uniform Settlement Statement (“HUD-1”)
  is provided to the borrower upon the closing of the loan and sets forth the final settlement charges paid both to and by the borrower.