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Mortgage disclosure comments due to CUNA Nov. 11
WASHINGTON (10/28/10)--The Federal Reserve Board’s (Fed) proposal that would 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 remains open for public comment, and the Credit Union National Association has encouraged credit unions to speak their minds. The Fed’s proposal requires lenders to provide a payment summary table that details the initial interest rate, along with the monthly payment amount, and the maximum interest rate and payment that can occur during the first five years and the maximum rate and payment that is possible over the life of variable rate loans. Certain loan features, such as balloon payments or options to make only minimum payments that cause the loan balance to increase, must also be disclosed. Information on loan refinancing, along with a statement that the consumer may not be able to refinance the loan to obtain a lower rate and payment, must also be included. Credit unions may forward their comments to the Credit Union National Association by Nov. 11. CUNA had previously stated that it would accept comments until Nov. 1. Credit unions and other interested parties will have until Nov. 23 to comment directly to the Fed. The interim rule will become effective on Jan. 30. 2011. For CUNA's comment call, use the resource link.


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