Fed Cuts FHA Lenders Some Slack on Prepay Issue As Sweeping New TILA Rule Takes Effect This Week
October 1, 2009
The Federal Reserve this week gave an 11th-hour reprieve to lenders concerned about getting caught in a compliance trap between age-old FHA requirements and the new era in rate-based consumer protection rules under the Truth in Lending Act. Major portions of the Fed’s revamped Regulation Z took effect Oct 1, including its significant expansion of the range of...