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Federal laws set standards for mortgage lending. A home mortgage is one of the largest credit transactions a consumer can make, and that opens the door for all sorts of issues. In the past, lenders have misled consumers about mortgage loans. Some lenders denied loans based on discrimination. Other lenders hid the truth about mortgage loan terms, including interest rates and closing costs. To address a variety of issues, the federal government enacted a series of key mortgage lending laws.
Sec. 226.35 Prohibited acts or practices in connection with higher- priced mortgage loans. (a) Higher-priced mortgage loans. --(1) For purposes of this section, a higher-priced mortgage. loan is a consumer credit transaction secured by the consumer's principal dwelling with an annual. percentage rate that exceeds the average prime offer rate for a comparable transaction as of the.