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#21572 - 06/24/02 11:39 AM Advertising - TIL
Ross Offline
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Ross
Joined: Apr 2002
Posts: 22
I'm told that my mortgage rates page has to show all the payment amounts if it mentions a trigger term. Is this right? This would be two or three payment amounts for an ARM loan, not just the beginning payments. Has anyone else heard this interpretation?

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Lending Compliance
#21573 - 06/24/02 03:17 PM Re: Advertising - TIL
A D Virr Offline
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Joined: Oct 2000
Posts: 398
Derry, NH
Reg Z 226.24 spells out the disclosures that must be provided if certain trigger terms are used. As to the terms of repayment, the commentary to same allows you to use a unit cost approach in making the required disclosure, such as "48 monthly payments of $27.83 per $1000 borrowed."
_________________________
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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