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Home » Store » News » OTS Says Loans with IO, ‘Reward’ Features Fall Under Parity Act

OTS Says Loans with IO, ‘Reward’ Features Fall Under Parity Act

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Certain closed-end mortgage loans in which the interest rate either changes or could possibly decrease fall under the Alternative Mortgage Transactions Parity Act but not under federal variable-rate disclosure rules, according to the Office of Thrift Supervision. The OTS made the clarification in response to an inquiry by a state-chartered mortgage subsidiary, which wanted to offer two new residential mortgage products with non-traditional features.
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