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Fed Changes Truth in Lending

In a recent article written by Paul Jackson, home loan brokers nationwide breathed a collective sigh of relief on Monday, as the Federal Reserve unveiled an overhaul to Regulation Z, which sets forth Truth-in-Lending standards for lenders ó for all of what was included in the final measure, itís what wasnít that likely drew the most interest. The final rule, approved by the Federal Reserve Board on Monday, removed hotly-contested language governing disclosures and limits on yield spread premiums.

Yield Spread Premium Remains Unchanged

Under the Federal Reserveís first proposal last December, mortgage lenders would have been restricted from compensating mortgage lenders with yield spread premium unless the broker previously entered into a written agreement with a borrower disclosing total compensation before the applicant started the loan application process. The Federal Reserve said it pulled the proposed rule "based on compelling evidence from consumer testing," but warned that it would later revisit the issue in an ongoing rule review.

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Beyond sparing the mortgage lending rebate, the final Federal Reserve rule also surprised some by tightening the definition of mortgage loans covered by the updated TILA regulations; many of the new rules will apply to so-called "high cost loans," defined as first liens at more than 1.5 points above the average offer rate recorded for conforming 30-year fixed rate mortgages, released each week by Freddie Mac. For second liens, that limit is pushed out to 3.5 points above the average prime offer rate, the Fed said.

"Some jumbo borrowers have seen rate spreads approaching the Fed's new definition of high cost," said one unidentified loan originator.

Nonetheless, Fed chief Ben Bernanke used the rules to crow about getting tough on bad actors in the lending market. "We will work collaboratively with our fellow regulators, both state and federal, to see that the rules are consistently applied and vigorously enforced," he said in a press statement. Fed governor Randall Krozner spoke of "restoring confidence in our mortgage system."

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