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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