Federal Reserve Tweaks ARM & Construction Loan Disclosure Regs

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Posted To: MND NewsWire

The Federal Reserve has issued an interim rule containing modifications to the September 2010 interim rule which implemented changes in the Truth in Lending Act (TILA) and Regulation Z. This interim rule revises the Board’s interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. The Board is issuing this interim rule to clarify certain provisions of the September 2010 interim rule. The September Interim Rules require lenders to provide disclosures in tabular form of the contract interest rate and corresponding...(read more)

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Source: www.mortgagenewsdaily.com

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