Clarification of Interim Rule Relating to the Mortgage Disclosure Improvement Act

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On December 22, 2010, the Federal Reserve Board (“Board”) issued a clarification of its original interim rule to implement certain disclosure provisions of the Mortgage Disclosure Improvement Act of 2008 (“MDIA”). The original interim rule requires the disclosure of a rate and payment summary table for closed-end loans secured by real property or a dwelling. Compliance with the original interim rule is mandatory on January 30, 2011. The Board’s clarifications, published in the form of a new interim rule, will be effective on January 30, 2011 as well, but compliance is optional until October 1, 2011. This Client Alert summarizes the Board’s clarifications and explains how creditors must implement them.

The Board’s original interim rule was issued under the MDIA as an amendment to Regulation Z. See 75 Fed. Reg. 58470 (September 24, 2010). The original interim rule applies to closed-end credit transactions secured by real property or a dwelling, but excludes loans secured by consumers’ interests in certain timeshare plans. The original interim rule became effective on October 25, 2010 but compliance is optional until January 30, 2011. Compliance is mandatory for applications received on or after that date.

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