Fed rolls out new rules on loan disclosure 
Changes relate to TILA, jumbo and reverse mortgages, more
By Inman News, Monday, August 16, 2010.
Flickr image courtesy of LateNightTaskForce.The Federal Reserve today announced a slew of changes and proposed changes to mortgage loan disclosures provided to consumers under the Truth in Lending Act, even as plans to create a new, simplified mortgage loan disclosure form move forward.
The Fed's interim rule rule revising disclosure requirements under Regulation Z of the Truth in Lending Act applies to loan applications received on or after Jan. 30.
The interim rule requires that loan disclosures include a payment summary table stating the initial interest rate together with the corresponding monthly payment.
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