Loan Price Triggers Adopted, New Reporting Requirements
July 8, 2002
The Federal Reserved Board piled on new requirements on lenders with the approval of rate-based triggers for loan price data reporting and other disclosures to strengthen fair lending enforcement and consumer protection under the Home Mortgage Disclosure Act. The board approved, as proposed, interest rate tests for disclosing pricing information, a requirement for lenders to report a loan’s lien status, and a requirement to collect and report race and gender information in telephone applications.