New Truth in Lending (TIL) re-Disclosures rules to be relaxed a little Jan 1, 2011.

Fed Raises Fee Amount for TILA and HOEPA Disclosures

The Federal Reserve has decided to raise the dollar amount of mortgage fees that trigger additional regulatory disclosure requirements under the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act of 1994 (HOEPA). On Friday, the central bank's board of governors issued an adjustment to the rule, bumping the amount of the fee-based trigger up 2 percent to $592, effective January 1, 2011. Currently that threshold is set at $579.

 

-sunil

 

SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI  REAL ESTATE
38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536
www.sunilsethi.com

 

CA DRE#: 01173766