Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
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Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
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Description
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
Welcome to Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). UDAAP is arguably the most
important regulation in the mortgage industry. UDAAP impacts every other lending regulation
(marketing, fair lending, licensing & communication…) and it impacts every part of the lending cycle
(advertising thru servicing closed loans.) What makes this regulation so difficult for mortgage lenders is
that it is very subjective (“reasonable consumer” point of view) and is very difficult to defend against.
So…this is why it is critical for lending/real estate lawyers to understand how this regulation operates in
practice.
