Public comments on Proposed Amendment to Regulation Z close April 8th

April 8th marks the final day for public comment on the Proposed Rule Amending Regulation Z. The Federal Reserve recently put forth the proposed amendment which is the Regulation that implements the Truth in Lending Act as well as the Home ownership and Equity Protection Act.

As written, the new rule would require disclosure from Mortgage Brokers as to the specific dollar amount that the broker would earn from a transaction. This disclosure would be required to occur prior to any fee being paid by the consumer and before loan application.

Click here to read the proposed rule. All interested parties are welcome to make comment on the proposed rule to the Federal Reserve. To make a comment, email The Board of Governors of the Federal Reserve System and identify “Docket No R-1305″ in the subject line of the email.

Email address: regs.comment@federalreserve.gov