RC_RC_GO_200.1 Consumer Financial Protection Laws

The Consumer Financial Protection Laws course covers statutes and regulations that seek to protect consumers' financial interests when they obtain mortgage loans. The Truth in Lending Act of 1968 (TILA) and Real Estate Settlement Procedures Act of 1974 (RESPA) have protected consumers for decades by requiring disclosures about costs related to loans and by prohibiting various unfair practices. Throughout the years, regulatory protections have been strengthened with amendments to these acts. The financial crisis of the late 2000s focused interest on consumer protection and moved Congress to pass laws such as the SAFE Act in 2008 (as part of the Housing and Economic Recovery Act [HERA]) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in 2010. The Dodd-Frank Act's sweeping reform of consumer financial protection has had a massive impact on regulatory compliance in mortgage lending.

Acts covered in this course include the Dodd-Frank Act, including a particular focus on the prohibition of unfair, deceptive, or abusive acts or practices (UDAAP), the Real Estate Settlement Procedures Act (RESPA), the Truth In Lending Act (TILA), and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE). There are many other laws that protect consumers' financial interests or have components and provisions that do, but these are some of the most influential and important in mortgage lending.

This is a single-family/residential course.