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Wednesday, January 1, 2003

Fed Adjusts Reg Z Trigger

The Federal Reserve Board recently adjusted the dollar amount of mortgage loan rates or fees that trigger additional disclosure requirements under the Truth in Lending Act, implemented by Regulation Z.

The fee-based trigger has been increased from $480 for 2002 to $488 for 2003. The adjustment was based on the annual percentage change reflected in the Consumer Price Index on June 1, 2002. The change is effective Jan. 1, 2003.

The Home Ownership and Equity Protection Act of 1994 requires additional disclosures when the consumer's total points and fees exceed the fee-based trigger (initially set at $400 and adjusted annually) or 8 percent of the total loan amount, whichever is larger.

HUD Seeks Opinions on Housing Regulations

Are there regulatory barriers to affordable housing? The U.S. Department of Housing and Urban Development (HUD) wants to know.

Community groups across the country can submit material to HUD about their experiences with state and local regulations that present barriers to affordable housing. HUD is particularly interested in regulations that are thought to be exclusionary, duplicative or otherwise unnecessary. The agency may post the information on its new Regulatory Barriers Clearinghouse, a component of the web-based resource HUD USER.

The clearinghouse will serve as a source of information on public policies that adversely affect the availability of affordable housing and will try to identify strategies for overcoming those barriers.

For information, visit