Title: Describe the financing legislation that affects mortgage lending.
Course: Real Estate (12154) > Section: Exploring Federal Legislation and Regulatory Statutes

Description should include defining and distinguishing among

- Regulation Z (https://www.federalreserve.gov/bankinforeg/regzcg.htm)
- Equal Credit Opportunity Act (ECOA) (https://www.justice.gov/crt/equal-credit-opportunity-act-3)
- Real Estate Settlement Procedures Act (RESPA) (https://www.hud.gov/hudprograms/respa)
- Community Reinvestment Act of 1977 (CRA) (https://www.ffiec.gov/cra/)

Description also should include a discussion of any potential penalties.

DPOR correlations: 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 23 (Housing legislation); 18VAC135-20-400. 24 (Fair housing statutes)

Process/Skill Questions:

- Should a real estate agency provide mortgage lending information to its clients?
- What are the legal ramifications of breaking a mortgage lending regulation?
- What advice should real estate salespeople provide their clients regarding legal regulations?
- How should real estate salespeople report any law infringements they encounter?
- Whom should real estate agencies recommend buyers and sellers consult with mortgage questions?