Federal Legislation related to mortgages.
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The Home Mortgage Disclosure Act (HMDA) requires certain lending institutions to report annually on their originations and purchases of home purchase and home improvement loans as well as applications for such loans. The type of loan, location of the property, race or national origin, sex and income of the applicant or borrower is reported. Institutions are required to make information regarding their lending available to the public and must post a notice of availability in their public lobby. Disclosure statements are also available at central depositories in metropolitan areas. This information can help the public determine how well institutions are serving the housing credit needs of their neighborhoods and communities. |
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Using loan data collected from each covered institution, the Federal Financial Institutions Examination Council (FFIEC) prepares disclosure statements and various reports for individual institutions in each MSA, showing lending patterns by location, age of housing stock, income level, sex and racial characteristics. The disclosure statements and reports are made available to the public at central depositories located in each MSA. Requests for the list of central depositories should be forwarded to the FFIEC. Federal Financial Institutions Examination Council
2100 Pennsylvania Ave, NW
Suite 200
Washington, DC 20037 |
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National Flood Insurance is available to any property owner whose local community participates in the national program by adopting and enforcing flood plain management. Federally regulated lenders are required to compel borrowers to purchase flood insurance in certain designated areas. Lenders also must disclose to borrowers if their structure is located in a flood hazard area. A good FAQ about National Flood Insurane is availble here . |
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The Real Estate Settlement Procedures Act, RESPA, requires that a consumer be given advance information about the services and costs involved in the closing of a residential mortgage. A Good Faith Estimate of these costs must be disclosed to a borrower within three days of applying for a mortgage. RESPA also limits the amount that can be collected for escrows of property taxes and homeowners insurance. |
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The Right to Financial Privacy Act provides that customers of financial institutions have a right to expect that their financial activities will have a reasonable amount of privacy from federal government scrutiny. The Act establishes specific procedures and exemptions concerning the release of the financial records of customers and imposes limitations on and requirements of financial institutions prior to the release of such information to the federal government. |
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Mortgage Law 
