Which federal regulation is designed to ensure that consumers receive clear and accurate information about mortgage loans?

The Truth in Lending Act (TILA) is specifically designed to ensure that consumers receive clear and accurate information about mortgage loans and other credit transactions. It mandates lenders to disclose key terms and costs associated with mortgage loans, such as the annual percentage rate (APR), finance charges, and the total amount financed. By providing this information in a standardized format, TILA helps consumers make informed choices and compare different loan offers, enhancing transparency in the lending process. This regulation plays a critical role in consumer protection within the mortgage industry, as it aims to prevent misleading practices and ensure that borrowers understand the financial implications of their loans.

Other regulations mentioned serve different purposes: for instance, the Fair Credit Reporting Act (FCRA) centers on the accuracy and fairness of credit reporting, while the Equal Credit Opportunity Act (ECOA) focuses on preventing discrimination in lending. The Dodd-Frank Act is more comprehensive, addressing various aspects of financial regulation, but it includes provisions that reinforce TILA's intent for transparency and borrower protection in mortgage lending.