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Tuesday, October 21, 2008

New Rule Adds Mortgage Rate Disclosures

From Realtor Magazine Online, Daily Real Estate News October 21, 2008

The Federal Reserve on Monday approved regulations requiring mortgage lenders to tell borrowers how much interest rates differ between prime mortgages and the higher-priced ones offered to less-affluent borrowers.

New Regulation C rules will require disclosures to prospective borrowers if the difference between prime and subprime rates is equal to or greater than 1.5 percentage points on a first-lien loan or greater than 3.5 percentage points on a second mortgage.

The Fed said that in defining the rules for rate disclosure, it tried to avoid requiring comparisons among prime mortgages why demanding disclosures only for subprime mortgage rates.

Source: Reuters News (10/20/08)
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