Recent Regulatory Comment Calls

CUNA
September 7, 2010 | COMMENTS

Disclosure Requirements under the Mortgage Disclosure Improvement Act

The Federal Reserve Board (Fed) has issued an interim final rule that will revise certain Regulation Z disclosure requirements for mortgage loans. These are specific changes to implement provisions of the Mortgage Disclosure Improvement Act (MDIA), which was enacted in 2008. These changes will require lenders to disclose how borrowers' mortgage payments will change over time so that they may be alerted to the risks of payment increases before they consummate the loan. The Fed has also issued several other, separate proposals and rules that will change other Regulation Z requirements with regard to mortgage loans.

> View the full comment call at cuna.org

Proposed Revisions to Escrow Account Requirements for Jumbo Loans

The Federal Reserve Board has issued a proposed rule to revise the escrow account requirements for “higher-priced,” first-lien “jumbo” mortgage loans. This would implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and would increase the annual percentage rate threshold used to determine whether an escrow account is required for property taxes and insurance for first-lien jumbo mortgages.

> View the full comment call at cuna.org