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From: Brad Sweet Subject: Reg Z - Truth in Lending Comments: Date: Dec 04, 2009 Proposal: Regulation

From: Brad Sweet Subject: Reg Z - Truth in Lending Comments: Date: Dec 04, 2009 Proposal: Regulation-2025

From: Brad Sweet Subject: Reg Z - Truth in Lending Comments: Date: Dec 04, 2009 Proposal: Regulation Preview on Page 1

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Brad Sweet expresses concerns regarding the proposed elimination of Yield Spread Premium (YSP) as a compensation method for mortgage brokers in the Regulation Z - Truth in Lending proposal. He argues that removing YSP will reduce competition, increase costs for consumers, limit choices, and potentially lead to unethical practices among brokers. Sweet advocates for less government regulation in the mortgage industry, emphasizing that the focus should be on eliminating harmful loan products rather than restricting broker compensation.

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What type of loans does regulation Z apply to?

Regulation Z protects consumers from misleading practices by the credit industry. The Truth in Lending Act applies to home mortgages, home equity lines of credit, reverse mortgages, credit cards, installment loans, and student loans.

What is Regulation Z Truth in Lending Act?

Purpose of the TILA and Regulation Z. The Truth in Lending Act is intended to ensure that credit terms are disclosed in a. meaningful way so consumers can compare credit terms more readily and knowledgeably. Before its enactment, consumers were faced with a bewildering array of credit terms and. rates.

What is regulation Z under RESPA?

RESPA Regulation Z Regulation Z is part of the TILA and implements its provisions. It governs a wide range of disclosures and requirements for lenders, focusing on the credit terms and costs associated with mortgage loans. Regulation Z also addresses issues like advertising, rescission rights, and high-cost mortgages.

What is the general purpose of regulation Z?

15 U.S.C. 1601 , et seq., and its implementing regulation, Regulation Z ( 12 CFR 1026 ), were initially designed to protect consumers primarily through disclosures. Over time, however, TILA and Regulation Z have been expanded to impose a wide variety of requirements and restrictions on consumer credit products.

What is regulation Z in the Truth in Lending Act?

Regulation Z provides finance charge tolerances for legal accuracy that should not be confused with those provided in the TILA for reimbursement under regulatory agency orders. As with disclosed APRs, if a disclosed finance charge were legally accurate, it would not be subject to reimbursement.