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Fed adjusts mortgage disclosure triggers
WASHINGTON (8/21/09)--The Federal Reserve Board announced that the dollar amount of points and fees that trigger additional disclosures and prohibitions under the Truth in Lending Act for some mortgage loans will be reduced to $579 for 2010. The so-called “trigger” for 2009 is currently $583. The disclosures and prohibitions will now apply when total points and fees on a loan exceed $579 or 8% of the loan amount, whichever is greater. The Fed adjustment, which will become effective Jan. 1, will not affect mortgage rules for “higher-priced mortgage loans,” as adopted by the Fed in 2008. Use the resource link below to review the board's complete notice and a Credit Union National Association rule analysis on the final rule.
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