Dodd-Frank Act Compliance
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 reshaped mortgage lending after the financial crisis. It created the Consumer Financial Protection Bureau (CFPB), requires lenders to confirm you can afford your loan, and limits how loan originators are paid.
- Licensed mortgage broker
- Company NMLS 2783307
- Equal Housing Opportunity
Our commitment
Protecting Borrowers Through Responsible Lending
The Dodd-Frank Act strengthens consumer protections in the financial and mortgage industries. HomyLoan adheres to all Dodd-Frank requirements and ensures responsible, transparent lending.
These protections guide our operations and ensure borrowers receive accurate information and fair treatment.
Our compliance includes:
- Clear disclosure of rates, fees, and loan terms
- Ability-to-Repay (ATR) evaluations
- Avoiding unfair, deceptive, or abusive practices
- Safe, ethical, and accountable lending standards
What the law requires
What Dodd-Frank requires in mortgage lending
The CFPB writes and enforces most of the mortgage rules that came from Dodd-Frank, mainly through Regulation Z (Truth in Lending) and Regulation X (RESPA).
Ability-to-Repay
A lender must make a reasonable, good-faith decision, based on verified information, that you can repay the loan. That includes income, assets, debts, employment and credit history.
Qualified Mortgages
Qualified Mortgages meet extra standards, such as no interest-only or negative amortization features, terms of 30 years or less, and caps on points and fees.
Loan originator pay rules
A loan officer's pay can't depend on the loan's interest rate or terms, and an originator can't be paid by both you and the lender on the same loan.
Clear disclosures (TRID)
You get a Loan Estimate within 3 business days of applying and a Closing Disclosure at least 3 business days before closing, so there are no surprises.
What it means for you
What these rules mean for you
- Your loan should be one you can reasonably afford, based on documented income and debts.
- Your loan officer has no pay incentive to put you in a higher rate.
- You get standard disclosures you can compare across lenders, and time to review final costs before you sign.
- You can check any loan officer's license on NMLS Consumer Access, as the SAFE Act requires originators to be licensed or registered there.
How HomyLoan follows it
How we apply these rules as a broker
- We collect and document your income, assets and debts so the lender you choose can complete its Ability-to-Repay review.
- Our loan officers are licensed through NMLS, and you can verify the company and individual IDs at any time.
- We show you options across our wholesale lender network so you can compare rate, points and fees.
- Your loan officer walks you through your Loan Estimate and Closing Disclosure line by line.
New to mortgage terms? See our mortgage glossary, or estimate a payment with the rate calculator.
If something goes wrong
How to file a complaint
The CFPB accepts complaints about mortgages, disclosures and loan originator conduct. Texas borrowers can also contact the Texas SML about a licensed mortgage company or loan originator.
Consumer Financial Protection Bureau (CFPB)
The federal agency for mortgage complaints, including disclosures, credit discrimination and loan originator conduct. The CFPB forwards complaints to the company and tracks the response.
consumerfinance.gov/complaintTexas Department of Savings and Mortgage Lending (SML)
The state regulator that licenses residential mortgage loan originators and mortgage companies in Texas. Its website has the consumer complaint form and instructions.
sml.texas.govDodd-Frank FAQs
Dodd-Frank is a 2010 federal law passed after the financial crisis. For mortgages, it created the CFPB, the Ability-to-Repay rule and limits on how loan originators are paid.
It requires a lender to make a reasonable, good-faith decision that you can repay your mortgage, using verified information such as income, assets, debts and credit history.
A Qualified Mortgage is a loan that meets extra CFPB standards, including no risky features like interest-only payments or negative amortization and limits on points and fees. Lenders get certain legal protections for making them.
Their pay can't be based on the loan's interest rate or terms. An originator also can't be paid by both the borrower and the lender on the same transaction.
You'll get a Loan Estimate within 3 business days of applying and a Closing Disclosure at least 3 business days before closing. Both forms are standard, so you can compare offers.
Related policies
More on how we protect borrowers
- Equal Credit Opportunity ActCredit decisions based on finances, not personal traits.
- Fair Housing ActNo discrimination in housing or mortgage transactions.
- Fair lendingHow federal fair lending laws work together.
- Advertising standardsWhat rates and terms in our marketing do and don't mean.
- State laws and regulationTexas licensing and home equity rules.
- Data privacy and securityYour privacy rights and how to avoid wire fraud.
- About HomyLoanWho we are and how we work as a mortgage broker.
- NMLS Consumer AccessVerify Company NMLS ID 2783307.
Licensing and trust
Licensed, and easy to verify
HomyLoan, LLC is a licensed mortgage broker, Company NMLS ID 2783307. You can confirm our license status at any time on NMLS Consumer Access, the official public lookup run by the Nationwide Multistate Licensing System.
License details
Public record on NMLS Consumer Access
- Legal name
- HomyLoan, LLC
- License type
- Mortgage broker
- Company NMLS ID
- 2783307
- Individual NMLS ID
- 2658032
Equal Housing Opportunity. We do business in accordance with the Fair Housing Act and the Equal Credit Opportunity Act.
Questions?
Ask a licensed loan officer
If something about your loan or your rights isn't clear, ask us. We'll explain it in plain language or point you to the right agency.
This page is general information, not legal advice.