Primary Laws Regulating the Mortgage Industry

Real Estate Settlement Procedures Act (RESPA)
Prohibits cost-increasing abusive practices such as kickbacks and referral fees and requires advance disclosure of settlement service costs.

Truth-in-Lending (TILA)
Requires disclosure of the cost of credit to the consumer and the terms of repayment.

Equal Credit Opportunity Act (ECOA)
Prohibits discrimination in lending.

Fair Credit Reporting Act (FCRA)
Stipulates the requirements of users of credit reports and disclosure to consumer.

State Licensing
Forty-five states currently have state licensing requirements for mortgage brokers in addition to ten federal laws and supplemental regulations.  SC Mortgage Brokers are regulated by the SC Department of Consumer Affairs.