Industry NewsMortgage

New rules for higher-cost loans

Fed's Reg Z changes take effect Thursday
Published on Sep 29, 2009

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by CareyBot

New rules targeted primarily at mortgage lenders making higher-cost loans take effect Thursday, more than a year after they were finalized by the Federal Reserve.

Many lenders have already adopted some of the changes as in their own best interest, such as verifying borrowers' income and assets and assessing their ability to repay a loan after it resets to a higher interest rate.

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