What legislation requires lenders to give clear disclosures about mortgage terms to borrowers?

The legislation that requires lenders to provide clear disclosures about mortgage terms to borrowers is the Truth in Lending Act (TILA). This Act was enacted to promote informed use of credit by requiring disclosures about the terms and costs of credit to consumers. It ensures that borrowers receive key information regarding interest rates, fees, and the total cost of the loan, which allows them to compare different mortgage offers effectively. The intention behind TILA is to help consumers make more informed financial decisions and to promote transparency in lending practices.

Separately, the other acts mentioned in the question serve different purposes. The Fair Housing Act focuses on preventing discrimination in housing and mortgage lending based on race, color, national origin, religion, sex, familial status, or disability. The Fair and Accurate Credit Transactions Act (FACTA) primarily deals with improving the accuracy of consumers' credit information and reducing identity theft. Lastly, the Real Estate Settlement Procedures Act (RESPA) is designed to ensure that borrowers are provided with important information about the real estate settlement process, mainly focusing on disclosures related to settlement costs rather than the terms of credit offered by lenders.