On Thursday, July 30, the Federal Reserve Board's Truth in Lending "Regulation Z" took effect and applied new disclosure requirements for both new mortgages and refinancings.  Among other things, lenders must now provide good-faith estimates that include loan costs within three business days of receiving a loan application; a loan cannot close until a seven-day waiting period has ended; an updated disclosure must be provided if the loan's interest rate changes by more than 0.125 percent

The Mortgage Bankers Association has prepared a summary of Regulation Z which you may review by clicking here. 

Meanwhile, the Federal Reserve Board has already circulated extensive changes to Regulation Z, which are now out for a 120 day public comment period. To review the proposed changes as published in the Federal Register, please click here. 

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