900 N. Kings Highway, Cherry Hill, New Jersey 08034 856.667.4100 · 215.563.0276 · Fax: 856.667.3652 The Online Advisor August 2008 Smart Business New mortgage rules set by the Fed Seeking to provide more protection for consumers against predatory lending practices, the Federal Reserve Board has issued new rules on home mortgage loans. The rules prohibit lenders from making loans to borrowers without verifying ability to repay, limit prepayment penalties, require more disclosure in advertising, and set rules to keep lenders and brokers from seeking inaccurate real estate valuations from appraisers. The new rules provide sweeping consumer protection, applying to both banks and nonbanks. They will affect all borrowers in that they raise the standards for securing a mortgage and require more complete disclosure from lenders. The new rules take effect on October 1, 2009. For details on exactly what business records you need and how long they should be kept, call us. [Current Online Advisor] [Business Information] [Home]
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