LEGISLATIVE ALERT

FRB Issues Proposed Changes to Regulation Z (Truth in Lending)

On July 23, 2009 the Federal Reserve Board issued significant proposed changes to Regulation Z (Truth in Lending). The proposed changes affect Home Equity Lines of Credit (HELOCs) and Closed-End Mortgages and address all loan originator compensation. NAMB is in the process of reviewing these lengthy changes, and

is examining Federal Reserve Board Chairman Bernanke's statements that consumers may still finance compensation and other closing costs inside their rate. NAMB will be commenting on the proposal to protect broker and consumer interests.  Please continue to check the NAMB website and your e-mail for updates.

Read the Federal Reserve Board's Press release and additional details.

For a brief summary, click here.