Disclosures for Adjustable-rate Mortgage Loans, Adjustment Notices, and Interest-rate Caps
other · Treasury · Rule · Published 1998-01-08 · 63 FR 1051
Document
Document number
98-443
Federal Register citation
63 FR 1051
CFR reference
12 CFR 560
Type
Rule
Action
Interim final rule with request for comments.
Category
other
Sub-agency
Treasury
Publication date
1998-01-08
Treasury docket
No. 97-130
Abstract
The Office of Thrift Supervision (OTS) is issuing this interim final rule revising the initial disclosure requirements for adjustable- rate mortgage loans (ARMs) by savings associations. These changes conform the OTS rule to the parallel provisions in Regulation Z, as recently amended by the Federal Reserve Board (FRB). The revised rule permits a savings association to provide a borrower either a fifteen- year historical example of interest rates and payments or a statement that the periodic payment may substantially increase or decrease (together with the maximum interest rate and payment based on a $10,000 loan).