Which entity oversees the MDIA?

The correct answer is the Consumer Financial Protection Bureau (CFPB), which oversees the Mortgage Disclosure Improvement Act (MDIA). The MDIA was established to enhance the disclosure of important mortgage loan information to consumers, ensuring they have clear and accurate information concerning the cost of borrowing before closing a mortgage transaction.

The CFPB was created to provide a regulatory framework for consumer financial products and services, focusing on protecting consumers from unfair, deceptive, or abusive practices. Its oversight of the MDIA ensures that lenders comply with the requirements to improve transparency and consumer awareness regarding mortgage agreements. This is essential for consumers to make informed decisions about their financial commitments.

Other entities mentioned have different roles in the real estate and mortgage landscape. For example, HUD (Department of Housing and Urban Development) deals with housing policies and programs, but it does not directly oversee the MDIA. State attorneys general can enforce consumer protection laws but are not the primary regulatory body for the MDIA, and the Department of Veterans Affairs primarily focuses on veterans' benefits related to housing and other services, rather than overseeing the MDIA specifically.