Fed rolls out new rules on loan disclosure

Changes relate to TILA, jumbo and reverse mortgages, more

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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.