What consumer protections are available for mortgage lenders?
In Florida, consumer protections for mortgage lenders are designed to protect both the lender and the borrower. Lenders are protected by the Florida Consumer Finance Act of 1989, which sets out rules and regulations regarding how lenders must conduct business regarding their mortgage loan transactions. These rules include requirements to make full disclosure of the terms of the loan, including any hidden costs or fees. The Act also requires lenders to provide accurate and up-to-date information about the loan and its terms, and to provide a written estimate of closing costs before closing on the loan. Borrowers are protected by the Fair Credit Reporting Act, which requires lenders to provide a statement informing borrowers of their right to review a credit report before closing on the loan. This helps to ensure that the borrower is made aware of their rights and any potential negative credit history. Florida also has the Home Equity and Credit Line Protection Act, which requires lenders to provide specific disclosure information to borrowers about the terms of the loan. This includes information about closing costs, interest rates, pre-payment penalties, and other terms. The Act prohibits lenders from charging borrowers for follow-up costs without providing written notice. These consumer protections serve to ensure that both parties are provided all the information they need to make an informed decision, and to protect the borrower from any unnecessary fees or hidden loans.
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