This regulation was created so that all creditworthy applicants would have credit available to them without regard to race, color, religion, national origin, sex, marital status, or age; whether an applicant's income, either all or in part, is derived from public assistance; or whether an applicant has exercised any right in good faith under the Consumer Credit Protection Act. The regulation prohibits any acts by creditors that would discriminate on the basis of any of these factors. This regulation also establishes your rights to be notified by the creditor of any actions taken on your application.

This regulation is intended to provide the public with information on lending practices which can be used to help determine whether financial institutions are meeting the housing needs of their communities; whether they are investing public money into communities to attract private investments where needed; and to discourage unsound and discriminatory lending practices.

The purpose of this act is to ensure that credit reporting agencies use fair, accurate, and confidential reporting methods. This protects consumers against unfair and inaccurate credit billing. If your loan is denied due to your credit status, the credit reporting agency must supply you, upon your request, with the information upon which the denial was based.

This act is intended to ensure that consumers throughout the country are provided with greater and more timely information on the nature of the costs associated with obtaining a mortgage loan. As a result of this fact, federal regulations require that, within three (3) days of your initial loan application, you receive a disclosure of estimated settlement costs on what is known as a "Good Faith Estimate". RESPA was also created to eliminate kickbacks and referral fees that might increase settlement costs to the borrower due to unnecessary settlement services. In addition, it is intended to regulate the amount of money borrowers are required to place in escrow accounts for real estate taxes and insurances.

This act requires creditors to disclose information to consumers about the conditions, terms, and costs of a mortgage loan. The regulation also ensures the right of a consumer to cancel some credit transactions involving a lien on the consumer's principal residence. The intent of this act is to help you better understand loan transactions, and to assist you in comparing loans offered by different lending institutions through use of common terminology such as "annual percentage rate" (APR), and "finance charge" to name a few.   

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