WASHINGTON — The Federal Reserve Board published last week its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for mortgage-related fees.
Beginning Jan. 1, 2008, the dollar amount of the fee-based trigger will be adjusted to $561 for 2008 based on the Consumer Price Index in effect on June 1, 2007. The Home Ownership and Equity Protection Act of 1994 restricts credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger, initially set at $400 and adjusted annually, or 8% of the total loan amount, whichever is larger.
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