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1
FederalLending Legislation
Chapter 4
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009
 
Chapter 4: Federal Lending Legislation
2
Overview
•Federal and state laws regulate real estatefinancing and include laws that:
 –Require financial disclosures –Protect privacy –Prohibit discrimination –Prohibit predatory lending
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009
 
Chapter 4: Federal Lending Legislation
3
Key Terms
•
3/7/3 Rule
•
Affiliated BusinessArrangement
•
Annual Percentage Rate(APR)
•
CommunityReinvestment Act
•
Disclosure Statement
•
Equal Credit OpportunityAct (ECOA)
•
Fair and Accurate CreditTransactions Act (FACTAct)
•
Fair Credit Reporting Act(FCRA)
•
Good Faith Estimate
•
Gramm-Leach-Bliley Act
•
Home MortgageDisclosure Act (HMDA)
•
Home Ownership andEquity Protection Act(HOEPA)
Mortgage Lending P&P 3
rd
Edition/Updated Nov. 6, 2009
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