mortgage loans: Revised Truth in Lending Disclosure Requirements Take Effect
- 08/31/09 02:16 PM
Effective July 30. 2009, the Federal Reserve Board Truth in Lending Regulations have become more stringent. The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt. Here are key highlights of the changes, all of which are designed to protect consumers: Early Disclosure- Within three business days after the consumer applies for a loan, lenders must give good faith estimates of mortgage loan costs. Disclosure Prior to Collecting Lender Fees- The lender may not collect any fees before the disclosure is provided, with the exception of a … (3 comments)
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Effective July 30. 2009, the Federal Reserve Board Truth in Lending Regulations have become more stringent. The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt.;)
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