Interesting…
Federal Reserve Board is doing consumer marketing studies now. In reaction to consumer testing the Fed is resubmitting a proposal to change Regulation Z, more commonly known as the Truth in Lending Act (TILA).
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Housing Wire: Fed Proposes Fee Restrictions on Mortgage Brokers
The Fed’s proposal would prohibit payments to a mortgage broker or loan officer that are based on the interest rate or other terms, and would prohibit a mortgage broker or loan officer from “steering” consumers into transactions that are “not in their interest” in order to increase the compensation paid to brokers and officers.
Rain City Guide: Federal Reserve Proposes Changes to Reg Z
If you’ve been following Ben Bernanke’s testimony on the Hill this week, you may have noticed him hinting about significant proposed changes to Reg Z and changes in how mortgage originators are compensated, leaving many of us in the industry wondering “what now”. Don’t get me wrong, Reg Z could use some tweeking…it’s just that the mortgage industry is in a state of constant change (evolution?) with a deluge of new forms and/or regulations including MDIA, HVCC and the new Good Faith Estimate which goes into effect on January 1, 2010.
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About Bill Rice