How does the Dodd-Frank Act impact the regulation of home mortgage lending?

The Dodd-Frank Act significantly restructured the regulatory landscape for home mortgage lending by centralizing oversight and eliminating duplicative functions among various regulatory bodies. One of the key components of the Act was the establishment of the Consumer Financial Protection Bureau (CFPB), which is responsible for enforcing consumer protection laws and ensuring that lenders operate fairly. Prior to the Dodd-Frank Act, mortgage regulations were managed by multiple entities at both the federal and state levels, which often led to inconsistencies and gaps in oversight. By bringing these responsibilities under a single organization, the Dodd-Frank Act aimed to create a more cohesive framework for monitoring and regulating mortgage lending practices, ultimately enhancing consumer protections and promoting accountability within the financial industry. This centralization also helps simplify compliance for lenders, as they now have a clearer set of guidelines to follow.