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Credit unions and other mortgage lenders would be required to highlight portions of a mortgage agreement that could be costly for consumers-such as adjustable rates and prepayment penalties-under regulations proposed by the Federal Reserve. The proposed regulations, which are subject to public comments due at the end of November, would require the annual percentage rate to include most fees and settlement costs and mandate that lenders show how the consumer’s APR compares with the rate offered to borrowers with excellent credit. On adjustable-rate mortgages, lenders would be required to tell consumers how much their monthly payments might increase.

Lenders would be required to issue a one-page document, in question-and-answer format, outlining the risks.

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