Fed Makes Mortgage Trigger Change

The Federal Reserve Board published the annual adjustment to the trigger for additional mortgage disclosure requirements for rates or fees over a certain amount.

By Staff Writer | August 15, 2006 at 08:00 PM

WASHINGTON–The Federal Reserve Board published the annual adjustment to the trigger for additional mortgage disclosure requirements for rates or fees over a certain amount.

The fee-based trigger was adjusted to $547 as of Jan. 1, 2007. It is based on the percentage of change in the Consumer Price Index as of June 1, 2006.

The Home Ownership and Equity Protection Act of 1994 restricts credit terms such as balloon payments and requires additional disclosures when the consumer's total points and fees exceed the fee-based trigger or 8% of the total loan

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