Which law addresses issues of compliance and record keeping in residential mortgage lending?

The Truth-In-Lending Act (TILA) is the correct choice for addressing compliance and record-keeping issues in residential mortgage lending. This law aims to promote informed consumer borrowing by requiring clear disclosure of the terms and costs associated with borrowing. It mandates that lenders provide borrowers with standardized information, such as the annual percentage rate (APR), finance charges, and the total amount financed. These requirements help ensure that consumers understand the true cost of their loans, which contributes to compliance and proper record-keeping practices within the lending process.

In addition to the disclosures, TILA also stipulates rules for how records related to these transactions must be maintained, reinforcing the importance of transparency and accountability in lending practices. The focus on detailed documentation helps both consumers and lenders refer back to the terms agreed upon in the event of disputes or misunderstandings.

While the other options listed address important consumer protection issues in mortgage lending, they do not specifically focus on compliance and record-keeping to the same extent as the Truth-In-Lending Act.