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- Title
Dodd-Frank Act Requirements for Escrow Accounts, High-Cost Mortgages, Homeownership Counseling, and Appraisal Requirements Take Shape.
- Authors
Brown, Laura Hobson; Greco, Laura; Savoie, Robert
- Abstract
The article discusses the U.S. Bureau of Consumer Financial Protection's publication of final rules which reportedly implement changes in the nation's Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 regarding escrow account requirements for higher-priced mortgage loans (HPMLs) under the U.S. Truth in Lending Act (TILA). According to the article, borrowers must obtain homeownership counseling before entering into a high-cost mortgage. Negative amortization loans are examined.
- Subjects
UNITED States; ESCROWS; DODD-Frank Wall Street Reform &; Consumer Protection Act; MORTGAGE loan laws; UNITED States. Federal Trade Commission. Bureau of Consumer Protection; STATE statutes (United States); UNITED States. Truth in Lending Act; MORTGAGES; GOVERNMENT agencies; GOVERNMENT agency rules &; practices
- Publication
Business Lawyer, 2014, Vol 69, Issue 2, p563
- ISSN
0007-6899
- Publication type
Article