Fair Lending Guidance and Disclosure Requirements for Residential Mortgages

Summary

This practice note provides an overview of fair lending laws, regulations, and disclosure requirements related to residential mortgages under the Equal Credit Opportunity Act (ECOA) and Regulation B (12 C.F.R. Part 1002). This note is intended to assist practitioners and compliance officers who regularly work with banks, credit unions, mortgage lenders, and other nonbank entities on residential mortgage transactions. This note also addresses attendant considerations under the Fair Credit Reporting Act (FCRA) and the Fair Housing Act (FHA).