Regulation X is also known as what law?

Regulation X is commonly recognized as the Real Estate Settlement Procedures Act (RESPA). This federal law is essential as it governs the process of settling mortgage loans in the United States, ensuring that borrowers are provided with important disclosures regarding the costs of closing and consolidating loan transactions. RESPA aims to protect consumers from unnecessary fees and to ensure transparency in the process, which helps borrowers make better-informed decisions.

Understanding the significance of RESPA is vital for Mortgage Loan Originators as it impacts how they interact with borrowers, especially regarding the disclosure of fees and the requirements surrounding closing costs. This knowledge is also critical to ensure compliance with federal regulations, ultimately fostering trust and fairness in the lending process.

The other laws mentioned, such as TILA (Truth in Lending Act), FCRA (Fair Credit Reporting Act), and FHA (Federal Housing Administration), serve different purposes and address different aspects of mortgage lending, making RESPA the correct association for Regulation X.