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Mortgage help
The short answer: learn how mortgage licensing, disclosures, and complaint data work. What this term means: the "Library" is our set of plain-English guides. The guides explain rules; they do not rate any lender or originator. To verify a specific loan officer's license yourself, use the NMLS license guide.
Common questions:
Terms used below: NMLS is the Nationwide Multistate Licensing System; RESPA is the Real Estate Settlement Procedures Act; TRID is the TILA-RESPA Integrated Disclosure rule; CFPB is the Consumer Financial Protection Bureau; the SAFE Act is the Secure and Fair Enforcement for Mortgage Licensing Act of 2008; MLO is a mortgage loan originator; TILA is the Truth in Lending Act; ECOA is the Equal Credit Opportunity Act; HMDA is the Home Mortgage Disclosure Act; HOEPA is the Home Ownership and Equity Protection Act; UDAAP is Unfair, Deceptive, or Abusive Acts or Practices; ATR/QM is the Ability-to-Repay / Qualified Mortgage rule; HECM is a Home Equity Conversion Mortgage; IRRRL is the VA's Interest Rate Reduction Refinance Loan; MARS is Mortgage Assistance Relief Services; CMHC is the Canada Mortgage and Housing Corporation; FCAC is the Financial Consumer Agency of Canada; OSFI is the Office of the Superintendent of Financial Institutions; FINTRAC is the Financial Transactions and Reports Analysis Centre of Canada; CASL is Canada's Anti-Spam Legislation. Provincial and state regulators named in guide titles (DFPI, DRE, FSRA, AMF, FCAA, FCNB, MBRCC) are spelled out in their own guides.
Plain-English explainers, not sales copy. Start with whichever one matches your actual question.
How to verify your loan officer's NMLS licenseA step-by-step walkthrough of NMLS Consumer Access — free, public, and required to exist by federal law.RESPA Section 8: what it actually prohibitsA flat federal ban on kickbacks for mortgage referrals, with a narrow carve-out for real services at a fair price.The TRID disclosure timeline, explainedThe Loan Estimate delivered or mailed within 3 business days of application, the Closing Disclosure received at least 3 business days before you sign.What the CFPB complaint database does and doesn't show about your loan officerA genuinely useful tool — but complaints are tracked against the company, not the individual who sold you the loan.Mortgage broker vs. loan officer vs. correspondent lenderWho actually funds your loan, and who's shopping it around, matters more than the job title on the business card.VA loan churning and the IRRRL, explainedA real refinance benefit for veterans, and a real, documented pattern of lenders churning it for fees.The HECM counseling requirement, explainedFederal law requires independent counseling before a reverse mortgage application can even proceed.How to file a complaint against your loan officerThe CFPB and your state regulator are two different, both-useful channels — here's when to use each.Non-QM lending and the ATR/QM rule, explained"Non-QM" doesn't mean unregulated — the federal ability-to-repay requirement still applies.Deceptive mortgage advertising and Regulation NThe federal rule behind "as low as" rate ads and bait-and-switch mortgage marketing.SAFE Act federal registration vs. state licensingTwo originators, two very different compliance bars, depending entirely on who employs them.The Loan Originator Compensation Rule, explainedA federal ban on paying an originator more for steering you into costlier loan terms.State-by-state bonding and net worth requirementsA financial backstop the SAFE Act leaves entirely up to each state — and the dollar amounts vary enormously.What HMDA data can — and can't — tell you about your loan officerSince 2018, an individual NMLS ID is actually in the data — but a raw pattern still isn't proof of anything on its own.Rate locks, float-downs, and extension feesYour lock expiration is federally disclosed. What extending it costs usually isn't.What has to happen when your mortgage servicing gets soldSpecific, timed notices — and a 60-day grace period that protects you if you pay the wrong company.Escrow analysis, shortage, and deficiency rulesA federal rule caps your cushion and limits how fast a shortage can be required back.Force-placed insurance: the notices required firstTwo written notices and 45 days have to pass before a servicer can bill you for it.Table-funded loans: who's actually on the hookThe name on your note as creditor, not who funded it, decides who you'd pursue if something goes wrong.AML programs and Suspicious Activity ReportsThe written AML program and the SAR rules that apply to non-bank lenders and originators, with deadlines.MLO continuing education and license renewal8 federally-required hours a year, an annual NMLS deadline, and a license that actually lapses if you miss it.UDAAP: the CFPB's broadest tool against misconductA catch-all federal standard that can reach conduct no specific mortgage statute names by number.Manufactured home chattel loans: a different trackFinancing a manufactured home as personal property can put it outside RESPA entirely.The SAFE Act's felony background-check bar, explainedOne category of felony conviction bars an originator for life. A 7-year lookback covers every other felony.RESPA's affiliated business arrangement disclosure ruleA loan officer who owns a stake in the title company they refer you to isn't automatically breaking the law — three specific conditions decide it.ECOA's adverse action notice requirement, explainedA right to a specific, individualized reason for a denial within 30 days — "internal standards" doesn't satisfy it.HOEPA and the high-cost mortgage triggers, explainedThree separate tests can each independently push a loan into a category that bans balloon payments and prepayment penalties outright.TRID's tolerance categories and cure requirementHow much a quoted fee can grow before closing, when a revised estimate is allowed, and the 60-day refund rule, with an example.The HECM Financial Assessment requirementA separate, lender-side step from counseling — a documented review of whether you can keep up with taxes and insurance.The Uniform State Test and multi-state MLO licensingOne shared exam is the testing step for state licensing, per NMLS — but passing it doesn't create a license anywhere.The MARS Rule (Regulation O): the loan-modification advance-fee banAnyone marketing loan-modification or foreclosure-rescue help can't collect a fee until you've accepted a written offer from your own lender or servicer.Higher-priced mortgage loans: the escrow and appraisal requirementsA separate, lower bar than HOEPA's high-cost category — an APOR spread test that triggers a mandatory escrow account and a stricter appraisal.California's dual mortgage licensing system: DFPI vs. DRETwo entirely separate regulators, two different statutes — which one applies depends on whether the originator already holds a real estate license.TILA's right of rescission and statutory damagesA real cancellation right for certain loans, plus specific dollar damages for a disclosure failure — both distinct from a CFPB enforcement action.How to read your Loan Estimate, page by pageThe three-page federal form, part by part: loan terms, monthly payment, closing costs, the loan officer's NMLS ID, and the comparison measures.Can a lender charge fees before you get a Loan Estimate?Generally no: until you have the estimate and say you want to proceed, only a reasonable credit report fee is allowed.Services you can shop for on your Loan EstimateIf you may choose the provider, the lender owes you a written list, and your choice changes how much the fee can grow.What mortgage closing costs includeLoan costs and other costs, line by line, with points, lender credits, prepaids, escrow and title insurance explained.How to check your Closing Disclosure against your Loan EstimateA checklist for the three-business-day wait, and what to do when the numbers do not match.When private mortgage insurance must end under federal lawYou can ask your servicer to cancel PMI at 80% of the home’s original value, and it ends automatically at 78% if you are current.Force-placed flood insurance: the 45-day ruleA separate federal rule from hazard insurance: notice, 45 days, then a lender-bought policy, and a refund once you show coverage.Notice of error and request for information: what your servicer has to doPut it in writing and the servicer must acknowledge in 5 days and generally respond in 30, not counting weekends and holidays.Loss mitigation and foreclosure referral: the federal timelinesThe 120-day wait before foreclosure starts, early contact by the servicer, and the 30-day review of a complete application.Inheriting a home with a mortgageWhen a home with a mortgage passes to you after a death or divorce, federal rules on due-on-sale clauses and servicer duties to successors in interest apply.Loan officer red flags: what to slow down and verifyFour things in a pitch that map to checkable federal rules, and where to verify each. A flag is a reason to check, not a finding.Reverse mortgage marketing and scams: a checklistCompare a pitch with what the CFPB and 24 CFR 206.41 say about repayment, counseling and estate-planning fees.Questions to ask your loan officerA checklist from CFPB pages: licensing, pay, fees and Loan Estimate items. No lender or rate comparison.Mortgage loss mitigation options, explainedWhat the CFPB says a servicer might offer, who to contact, and scam warning signs.Title insurance, explainedLender's vs. owner's policies, and the RESPA limit on a seller requiring a particular company.Prequalification vs. preapprovalBoth are letters saying a lender is generally willing to lend up to an amount. The CFPB says lenders use the two words differently.Interest rate vs. APR, explainedWhat each measure includes per the CFPB, where each sits on the Loan Estimate, and the CFPB’s cautions about comparing APRs.Conforming vs. jumbo loan limitsWhat the two terms mean, how FHFA sets the limits each year, the 2026 figures as FHFA published them, and where to look up a county.Judicial vs. nonjudicial foreclosureThe two procedures the CFPB describes, how federal servicing rules refer to each, and why this page lists no states.HECM, HELOC and home equity loansOne neutral explainer of three ways to borrow against home equity: how each is structured, repaid, and what the CFPB and HUD say about each.How a mortgage refinance worksWhat a refinance is on the Loan Estimate, how closing costs can be paid, the three-day right to cancel, and the CFPB’s guidance on comparing costs over timeframes. No calculator.The ability-to-repay rule and qualified mortgagesWhat the CFPB and Regulation Z say lenders must consider before making a loan, what a qualified mortgage is, and where the rule does not apply.Points and fees limits on qualified mortgagesThe cap tiers in Regulation Z, the 2026 dollar amounts, and what the regulation counts as points and fees. No calculator.Conventional, FHA, VA and USDA loansA neutral explainer of how the CFPB describes each program: who runs it, what the government does, and the eligibility rules named. No ranking, no rates.Fixed vs. adjustable-rate mortgagesA neutral explainer of how each rate type works, index, margin and caps, and the notice before a rate change. No rates, no recommendation.Why did my mortgage payment change?The common reasons the CFPB lists, the notice before an adjustable-rate reset, and what to do if you think the servicer made a mistake.Who owns and services my mortgage?The company you pay may not own your loan. The CFPB’s steps for finding out: call, look-up tools, or a written request.Foreclosure rescue scams checklistThe warning signs the CFPB and FTC list, the MARS Rule rights they describe, and where to get free help.How mortgage underwriting worksWhat the CFPB says happens after you apply, the checks Regulation Z requires, and the records a lender may use to verify income.Interest-only, balloon and negative-amortization featuresWhat the CFPB says each feature is and how Regulation Z treats them in qualified mortgages and repayment checks.The VA funding fee, explainedWhat the VA says the fee is, who does not pay it, how it can be paid, and the VA’s rate charts as published. No comparisons.Homeowners insurance and your mortgageWhy lenders generally require it, what the CFPB says about flood coverage, lender-bought insurance and hard-to-insure homes.Reverse mortgages and a non-borrowing spouseWhat the CFPB and HUD’s regulation say about a spouse who is not a borrower and about other people living in the home.The mortgage interest deductionWhat IRS Publication 936 says about the conditions and debt limits. Not tax advice.How to find a HUD-approved housing counselorSearch the CFPB tool built on HUD’s list, what a counselor can do, and the scam warning signs the CFPB lists.Your right to a copy of your home appraisalWhat Regulation B requires a lender to give you after an appraisal: what, when, at what cost, and what the CFPB says to do if it does not arrive.Mortgage prepayment penalties and payoff statementsWhen a prepayment penalty is allowed under Regulation Z, how large it can be, where to find it, and how to request a payoff statement.Mortgage late fees and payment creditingWhat the CFPB says about late fees and mailed payments, and the Regulation Z rules on crediting payments, partial payments and the monthly statement.VA home loan eligibility and the Certificate of EligibilityWhat the VA says about the Certificate of Eligibility: minimum service by period, Guard and Reserve rules, discharge exceptions and restoring entitlement.Servicemember mortgage protections under the SCRAWhat the SCRA says about foreclosure and a 6 percent interest limit on a mortgage that began before military service, and why the CFPB says the MLA does not cover mortgages.What a reverse mortgage (HECM) isHow the CFPB and HUD’s regulation describe a HECM: who can get one, what the borrower must keep doing, when it must be repaid and the limit on personal liability.HECM fees and mortgage insurance: what HUD’s regulations capThe origination fee, other closing charges, initial and monthly mortgage insurance premium and servicing charge limits in HUD’s HECM regulations.Mortgage terms Regulation Z prohibitsWhat Regulation Z says about mandatory arbitration, waivers of court claims, financed credit insurance and negative amortization counseling.Appraisal independence (valuation independence)What Regulation Z section 1026.42 says lenders and others may not do to influence a home appraisal, and what they may do.Notice when your mortgage is soldWhat Regulation Z section 1026.39 requires when a new owner acquires your mortgage loan: the 30-day deadline and what the notice must say.Your monthly mortgage statementWhat Regulation Z section 1026.41 requires on a monthly mortgage statement, when it is due, and which servicers and loans are exempt.After a HECM becomes due and payableWhat HUD’s rule says after a HECM is due and payable: notices, a 30-day window, sale for up to 95 percent of appraised value (HUD sets it), reinstatement.Your Home Loan Toolkit bookletWhen a lender or broker must give you the special information booklet, Your Home Loan Toolkit, under Regulation X 1024.6 and Regulation Z 1026.19(g).HELOC rules: freezes, limits and fee refundsWhat Regulation Z section 1026.40 says about HELOC application disclosures, nonrefundable fees, and when a lender may freeze or reduce a line.How is a mortgage payment calculated?Your Loan Estimate shows a monthly principal-and-interest (P&I) payment. The standard amortizing P&I formula, with a worked example. Not a rate quote.Debt-to-income ratio on a mortgageYour debt-to-income ratio (DTI) is your monthly debt payments divided by gross monthly income. Different loan products and lenders set different limits.FHA MIP vs conventional PMIMortgage insurance protects the lender, not you. How conventional PMI and FHA MIP differ, and why the 80%/78% PMI end rules don't apply to FHA MIP.How do mortgage comparison sites get paid?What RESPA Section 8 and the CFPB's 2023 advisory opinion say about lender payments to mortgage comparison sites, and how to read the results.How to compare mortgage lenders using NMLS IDsHow to read a lender's legal name and NMLS ID from its own disclosures, check it on NMLS Consumer Access, and compare Loan Estimates.How do I file a complaint against a mortgage lender?Contact the lender first. If that doesn't fix it, submit a complaint online to the CFPB, which accepts mortgage complaints and forwards them to the company.Retail vs wholesale mortgage lenders: how to compareHow Regulation Z defines a mortgage broker, how that differs from a creditor's employee, and how to compare Loan Estimates.What credit score do you need for a mortgage?FHA's 500 and 580 credit score thresholds, Fannie Mae's 620 and 640 minimums for manually underwritten loans, and why a higher score can lower your rate.
Canada
Comparative explainers on how Canada's provincial mortgage broker regulators work — not a Canadian Register, and not a vetting of any specific broker, originator, or brokerage. Our published standard and Register remain United States-only.
Canadian mortgage regulators by province: a matrixWhich of our guides covers your province, with Ontario and Alberta regulator details drawn from the regulators’ own pages.Canada: fixed vs. variable, term and amortizationWhat the FCAC says a term and an amortization period are, how fixed, variable and hybrid rates are structured, and what the FCAC says each affects.Canada: mortgage broker vs. lender (bank)Who lends and who arranges, how the FCAC says brokers are paid, and what regulates each. Library only: no broker or lender is named or compared.Canada: mortgage renewalThe 21-day renewal statement, the options the FCAC describes at renewal, and the costs of switching lenders. No rates.Canada: mortgage relief optionsWhat the FCAC lists if you struggle to pay: renegotiating, mortgage features, deferrals, longer amortization and selling, with the costs it names.Canada: borrowing against home equityHow the FCAC describes home equity, the fees and the risk to your home, and four equity products set out evenly. No lender is named.How Canadian mortgage broker regulation actually worksNo federal NMLS equivalent — each province runs its own licensing regime, through regulators that will look familiar from insurance.How to check a Canadian mortgage broker's licenseEvery province's own free lookup tool, one province at a time — there's no single, Canada-wide search box.Does a Canadian mortgage broker license work in every province?A license in one province can make a second one faster to get — it doesn't make you licensed there automatically.The FCAC's role, and where it stopsA real federal regulator with real authority — over federally regulated banks, not over independent, provincially licensed brokers.Conflict-of-interest disclosure requirements in CanadaSeveral provinces specifically require your broker to disclose their lender relationship, in writing, before you sign.Does a Canadian mortgage broker need E&O insurance?It depends which province — and BC has had no requirement at all, until a 2026 change.Ontario's mortgage agent and broker continuing education requirementLicences renew annually; the continuing education requirement is split into two separately tracked components with different reporting rules.BC's move from the Mortgage Brokers Act to the Mortgage Services ActHow the two Acts differ, how principal brokers, mortgage brokers and brokerages are linked, and what takes effect on October 13, 2026.How Alberta's mortgage licensing tiers workA mortgage associate licence first, a mortgage broker licence only after two years' experience, annual renewal, and what RECA says about required re-licensing education.How Quebec regulates mortgage brokers: the AMF's frameworkOversight moved from a real estate self-regulator to the AMF in 2020 — with an exam, then a supervised probationary period, now being revised.How Ontario licenses mortgage agents and brokers: FSRA's four license classesLevel 1, Level 2, Broker, Brokerage — each one unlocks a wider slice of the lending market, plus a 2019 regulator handoff worth knowing about.How Saskatchewan licenses mortgage brokers: the FCAA's frameworkFour licensed categories under one 2010 statute, through a regulator that's itself less than 15 years old.How Manitoba licenses mortgage brokers: the Securities Commission's two-tier frameworkA mortgage broker and a restricted mortgage broker — and only one of them needs a $100,000 surety bond.How New Brunswick licenses mortgage brokers: the FCNB's four-category frameworkFour licence categories, the $25,000 working-capital and $500,000/$1,000,000 insurance minimums, and the 2026 education course.How Nova Scotia licenses mortgage brokers: five categories under a 2024 lawA 1989 law was fully replaced in 2024 — and the mortgage lender itself is now its own licensed category.How Newfoundland and Labrador licenses mortgage brokers: the 2025 ActA law that stood since 1990 was replaced April 1, 2025 — adding a mandatory E&O insurance requirement the old law never had.Prince Edward Island has no mortgage broker licensing regimeThe one province, of ten, with no dedicated regulator, exam, or public registry — here's what that actually means.How to file a complaint against a Canadian mortgage brokerOntario and Quebec require a written response from the brokerage itself before the regulator opens a file — BC and Alberta don't.The MBRCC's national Code of Conduct, explainedNine of ten provincial regulators formed a voluntary council and endorsed a shared Code of Conduct in 2021 — adoption still varies by province.Mortgage broker advertising rules across Canadian provincesNo federal Regulation N equivalent — Ontario, BC, and Alberta each set their own advertising requirements instead.Do Yukon, the NWT, and Nunavut license mortgage brokers?Like PEI, none of the three territories runs a dedicated mortgage broker licensing regime of its own.FINTRAC's anti-money-laundering obligations for brokersA separate federal layer on top of provincial licensing: compliance program, client ID, beneficial ownership, records and suspicious transaction reports.Syndicated mortgage investor-protection rules in CanadaA mortgage broker arranging a syndicated mortgage is also, in effect, selling an investment — Ontario, BC, and Alberta each layer real protections on top of ordinary licensing.How Canada regulates reverse mortgagesNo federal HECM-style program or mandated counseling — Ontario codifies independent legal advice instead, and it's lender practice everywhere else.Canada's Cost of Borrowing (Banks) Regulations, explainedThe federal mortgage disclosure rule behind the FCAC's authority — 2 clear business days before signing, 21 days before a renewal.Canada's mortgage stress test (OSFI's Guideline B-20), explainedA federal prudential regulator's qualifying-rate floor for federally regulated banks — and a real gap for the lenders it doesn't reach.Mortgage broker trust account rules across CanadaWhen a brokerage actually holds your money, provincial rules generally require it segregated, reconciled, and audited — not always, and not identically.The Interest Act's mortgage rules: compounding and the five-year prepayment rightWhy Canadian fixed-rate mortgages are quoted with semi-annual compounding, and why a long mortgage term usually caps its own early-payoff penalty at three months' interest.CMHC mortgage loan insurance and the high-ratio mortgage rulesA legal 80% loan-to-value cap, and the specific dollar figures — down payment tiers, a $1.5 million price ceiling, and premium costs — behind why insurance is required at all.Referral fee rules for Canadian mortgage brokersNo federal RESPA-style ban — Ontario, Alberta, and BC each draw their own line around what an unlicensed referrer can do before it becomes unlicensed brokering.Canada's Anti-Spam Legislation (CASL) and mortgage marketingA federal law about whether a broker could send you that marketing email at all — consent, identification, and an unsubscribe link, with no private right to sue over it.