What consumer protections are available for mortgage lenders?
In Nebraska, mortgage lenders are protected under several consumer laws. The Nebraska Consumer Protection Act protects lenders from unfair and deceptive practices, such as false advertising, debt collection, and loan disclosure. This act also requires that lenders provide accurate information about the mortgage loan and its terms. Additionally, the Nebraska Mortgage Act requires lenders to provide borrower counseling prior to closing on the loan, as well as provide the borrower with other disclosures such as a good faith estimate and a closing statement. The Uniform Consumer Credit Code (UCCC) also offers protections for mortgage lenders. The UCCC prohibits lenders from discriminating against borrowers on the basis of race, color, religion, gender, national origin, or other protected classes. It also requires lenders to provide a written explanation of the terms of a loan, including the annual percentage rate (APR) and the total cost of the loan. Finally, lenders must provide the borrower with a notice of their right to cancel the loan within three days of closing. The Nebraska Department of Banking and Finance is tasked with enforcing consumer protection laws, and consumers have the right to file a complaint with the department against any lender that has violated the law. It is important for mortgage lenders to stay up-to-date on the various consumer laws in order to protect their interests and remain in compliance with the law.
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