FEDERAL REGULATIONS

The federal government has enacted several consumer protection laws pertaining to residential mortgage lending. USF Federal Credit Union has attempted to review the most salient points of those laws and discuss areas that are important when consumers are shopping for a mortgage loan. Some of the content of the federal regulations could be open for interpretation. USF Federal Credit Union and its authors do not represent that the following discussions on the regulations are accurate; it should not be considered a legal opinion of the law. We suggest that users and readers seek counsel for a comprehensive opinion. The following are major mortgage lending regulations:

Equal Credit Opportunity Act -- Regulation B
Home Mortgage Disclosure Act -- Regulation C
Truth in Lending Act -- Regulation Z

HMDA Disclosure
The HMDA data about our residential mortgage lending are available for review. The data show the geographic distribution of loans and applications; the race, gender, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at the main office regarding the locations where HMDA data may be inspected.