Which type of properties does TILA, RESPA, ECOA, and HMDA apply to?

The Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), the Equal Credit Opportunity Act (ECOA), and the Home Mortgage Disclosure Act (HMDA) primarily apply to residential properties that consist of 1-4 family units. This focus is significant because these laws are designed to protect consumers in their residential mortgage transactions by ensuring that they receive important disclosures and fair treatment in lending practices.

TILA requires lenders to provide clear and conspicuous information about loan terms and costs, addressing consumer protection in the lending process. RESPA mandates that borrowers receive information about their settlement costs and procedures, which is crucial for understanding the financial implications of buying a home. ECOA ensures consumers are treated fairly in credit transactions, while HMDA requires financial institutions to report certain lending data to monitor discrimination and ensure equal access to credit.

Properties that fall outside the 1-4 family residential category, such as commercial properties or multi-family properties with more than four units, are generally not covered under these acts. The focus on informing and protecting homeowners in residential settings is the cornerstone of these regulations, which is why the application is specifically to 1-4 family residences.