Which regulatory body oversees mortgage lending practices in the U.S.?

The Consumer Financial Protection Bureau (CFPB) is responsible for overseeing mortgage lending practices in the U.S. This agency was established to promote fair and transparent consumer financial markets, ensuring that borrowers are treated fairly by lenders. The CFPB enforces various laws related to mortgage lending, such as the Truth in Lending Act and the Real Estate Settlement Procedures Act, which are designed to protect borrowers from unfair, deceptive, or abusive practices.

Furthermore, the CFPB conducts consumer education and provides resources to help individuals understand their mortgage options, rights, and responsibilities. It plays a crucial role in regulating mortgage servicers, monitoring their practices, and taking enforcement actions against those who violate consumer protection laws, thus maintaining the integrity of the mortgage market and building consumer trust.

In contrast, the other listed agencies have different focuses; for instance, the Federal Housing Administration (FHA) primarily insures loans to promote home ownership, the Securities and Exchange Commission (SEC) regulates securities markets and protects investors, and the Federal Reserve Bank manages monetary policy and bank regulation but is not directly involved in mortgage lending practices.