A Florida buyer discovers after closing that the lender charged excessive fees that weren't disclosed. The licensee wants to help the buyer seek recourse. What Florida agency should be contacted?
Correct Answer
B) Office of Financial Regulation (OFR)
Correct: The Office of Financial Regulation oversees mortgage lenders and handles complaints about lending practices in Florida. Why not A: FREC regulates real estate licensees, not lenders. Why not C: Bar Association handles attorney matters, not lending complaints. Why not D: DBPR oversees various professions but OFR specifically handles financial services.
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Related Topics & Key Terms
Key Terms:
Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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