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FRB Updates High-Cost Mortgage Trigger
It's an annual event. Each December, the Federal Reserve Board publishes the new fee amount that is used to trigger high-cost mortgage disclosures. That would be those extensive disclosures outlined in §226.32, "Certain closed-end mortgages."
Based on the Consumer Price Index, the Board has adjusted the figure for 1999 to $441. Another way of looking at this is as a measurement of inflation. What was $400 in 1995 is now $441 and climbing. Here's the history:
1995 $400
1996 $412
1997 $424
1998 $435
1999 $441
Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 16, 12/98
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