Latest Compliance - APR/APY Topics

By Lucy Griffin, Editor, Compliance Action

We're almost down to the wire with Y2K. Hopefully everything will go smoothly and we will never have to mention the subject again! However, there is just time for a last gasp.

Question: We occasionally get loan applications for two loans, a first and a second, brought to us by a mortgage broker. The broker charges a single fee for both loans.

Pat Ryan has been in the trenches with fair lending issues.

Almost everything about the Know Your Customer proposed rule was historic. One of the most significant aspects of the proposal was the number of public comments that it generated.

It's out and it's final. The commentary is officially updated for 1999. There are some modifications from the proposal but no surprises.

Question:We use a combined disclosure for the early Truth in Lending disclosure and the Good Faith Estimate. There is no space on it for the contract interest rate on the loan.

The federal banking agencies are continuing their promises to provide support for the compliance efforts of banks and thrifts.

The annual December publication of the Truth in Lending Commentary proposal is right on time.

In Volume III, Number 12, we discussed elements of the joint agency report to Congress on simplifying the disclosure require