Which of the following is designed put the burden on mortgage lenders to verify that a borrower can afford to repay the loan for which he or she has applied?
A) Fair Credit Reporting Act
B) Consumer Financial Protection Act of 2010
C) Truth-in-Lending Act
D) Mortgage Reform and Anti-Predatory Lending

Question

Quizplus · Accepted Answer

The Mortgage Reform and Anti-Predatory Lending Act, also known as the Dodd-Frank Act, was designed to address issues that arose during the housing crisis, including predatory lending practices. The act mandates that mortgage lenders must verify that a borrower has the ability to repay the loan they are applying for. This puts the burden on the lender to obtain and verify a borrower's income, assets, employment status, and other financial information before approving a mortgage application.

Which of the Following Is Designed Put the Burden on Mortgage