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Government sets new Mortgage Rules . . .
The Federal Reserve published new rules aimed at protecting consumers from abusive mortgage practices, including clearer cost disclosures and a ban on payments to mortgage brokers for steering borrowers into loans with higher interest rates. The new rules will ban payments from lenders to brokers based on interest rates paid by borrowers or other loan terms. The rule will end the so-called yield-spread premium payments blamed for pushing millions of borrowers into unaffordable loans. It also prohibits loan originators from steering consumers into mortgages that increase payments or bonuses to a broker or loan officer.
The Rules require lenders to provide consumers with clearer disclosures about their loan costs, including a table that states the maximum interest rate and payment that can occur during the first five years of an adjustable-rate mortgage and a "worse case" example showing the highest possible maximum rate and payment over the life of the loan. Lenders must also warn consumers they may not be able to refiance their loan in the future to avoid higher interest rates.
The Rules require lenders to provide consumers with clearer disclosures about their loan costs, including a table that states the maximum interest rate and payment that can occur during the first five years of an adjustable-rate mortgage and a "worse case" example showing the highest possible maximum rate and payment over the life of the loan. Lenders must also warn consumers they may not be able to refiance their loan in the future to avoid higher interest rates.