Finance
The Consumer Financial Protection Bureau (CFPB) oversees compliance with which mortgage-related laws?
AOREC rules and state licensing requirements
BTILA, RESPA, HMDA, ECOA, and other consumer financial protection laws✓ Correct
COklahoma usury laws only
DFederal Reserve monetary policy
Explanation
The CFPB supervises and enforces compliance with federal consumer financial protection laws including TILA (Regulation Z), RESPA (Regulation X), HMDA, ECOA (Regulation B), and other laws protecting mortgage borrowers.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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