Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) Policy and Procedures

Description

The Unfair, Deceptive or Abusive Acts and Practices (UDAAP) Policy and Procedures defines the role of the mortgage company in protecting the consumer. Unfair, deceptive, or abusive acts and practices (UDAAPs) can harm consumers financially, diminish public trust, and disrupt the integrity of the financial marketplace. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services—or their service providers—to engage in any UDAAP violation.

This policy outlines the requirements for compliance with UDAAP regulations. It includes examples of common violations and provides guidance on key business practices to avoid UDAAP risks and ensure fair treatment of consumers.