Fed Rules Regarding Mortgages

On August 16, the Fed issued proposed, interim and final rules relating to mortgage loans.  The proposed rule revises escrow account requirements for first-lien “jumbo” mortgages.  The interim rule revises disclosure requirements for closed-end mortgages under Regulation Z (Truth in Lending).  The final rules (i) implement a statutory amendment to the Truth in Lending Act requiring that consumers receive notice within 30 days of a sale or transfer of their mortgage and (ii) bar a loan originator from receiving compensation that is based on the interest rate or other mortgage loan terms.  The Fed also proposed enhanced consumer protections and disclosures for home mortgage transactions (including significant changes to Regulation Z) and is seeking comments on this proposal within 90 days after publication of the proposal in the Federal Register. Fed Proposed Rule on Escrow Accounts for Jumbo Mortgages. Fed Interim Rule on Closed-End Mortgages. Fed Final Rule on Notice of Sale or Transfer. Fed Final Rule on Originator Compensation. Fed Proposal and Request for Comment on Consumer Protection and Disclosure.