Fed issues revised mortgage disclosure requirements
Northwestern Financial Review, Jul 15-Jul 31, 2002
The Federal Reserve Board has revised its reporting requirements under the Home Mortgage Disclosure Act. The revisions will require banks to report the spread between a loan's annual percentage rate and the rate for comparable Treasury securities if the spread exceeds 3 percentage points on first mortgages and 5 percentage points on second mortgages.
The changes also will require lenders to ask applicants their ethnicity, race and gender in applications taken by phone, as well as report the lien status of applications and originated loans. Compliance with the rate spread amendment will become mandatory on Jan. 1, 2004, while the requirements for telephone applications are effective Jan. 1, 2003.
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