A seventh guideline governing closed-end mortgages
, expected in October, will add even greater burden to a situation some lenders already find daunting.
It noted that the Dodd-Frank Wall Street Reform and Consumer Protection Act "prohibits any contractual requirement that would impose the use of nonjudicial foreclosure as the process for mortgages on principal dwellings and for closed-end mortgages
on secondary dwellings.
But before its recent deadline for feedback on amendments that would revise the disclosure rules for closed-end mortgages
, or mortgages that can't be paid off until they mature, the agency was deluged with nearly 4,000 comments.
In other Reg Z news, in late July the Fed proposed significant changes to Reg Z intended to improve the disclosures consumers receive in connection with closed-end mortgages
and home equity lines of credit (HELOCs).
StateLink Offers Lenders Fast and Convenient Access to Regulatory Information on First and Closed-End Mortgages
for All 51 Jurisdictions
These include second-mortgage production (both closed-end mortgages
and lines of credit) originated through LaSalle Bank and Standard Federal Bank, and these loans are closed in the name of the individual bank entity.
Includes second mortgage production (both closed-end mortgages
and lines of credit) originated through LaSalle Bank and LaSalle Bank Midwest.
Standard Federal Bank and LaSalle Bank figures include second-mortgage production--both closed-end mortgages
and lines of credit--originated through LaSalle Bank and Standard Federal Bank.