What consumer protections are available for mortgage lenders?
In Hawaii, mortgage lenders are protected by a number of consumer protection laws. The Fair Debt Collection Practices Act (FDCPA) prohibits creditors from engaging in unfair or deceptive practices when attempting to collect a debt. This includes harassment, false statements, and other deceptive practices. Additionally, the Truth in Lending Act (TILA) requires lenders to provide detailed information to consumers about the costs associated with a loan. This includes the APR, fees, amount to be financed, payment schedule, and other important details. Lenders must also provide a mandatory waiting period before the loan can be finalized, giving consumers an opportunity to consider the loan and obtain other offers. The Hawaii Mortgage Loans Disclosure Act (HMLDA) requires lenders to disclose information about their loan products, and gives borrowers the right to cancel a loan within three days of signing and obtaining the loan. The law also regulates the appraisal and inspection process for mortgages, meaning lenders must use qualified appraisers and inspectors to ensure an accurate appraisal. The Uniform Residential Loan Application is the standard form that lenders must use when issuing mortgages in Hawaii. This helps to protect consumers by providing equal access to credit, and ensuring that lenders review loan applications in a fair and consistent manner. Finally, the Homeowner Protection Act ensures that lenders extend protections to those who are facing foreclosure. This includes counseling services and loan modifications to help borrowers avoid foreclosure.
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