Asked by Talyn Rhodes on May 02, 2024
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LeBraun is seeking a variable rate mortgage from High Street Financial. Under the Mortgage Reform and Anti-Predatory Lending Act of 2010, which modifies the Truth-in-Lending Act, High Street must disclose the maximum amount LeBraun could pay on the mortgage, with a warning that payments will vary based on interest rate changes.
Variable Rate Mortgage
A type of mortgage where the interest rate can change, based on an index or an agreement between the lender and borrower.
Mortgage Reform and Anti-Predatory Lending Act
A legislative act aimed at curbing predatory lending practices in the mortgage industry, ensuring fair and transparent loan terms for borrowers.
Truth-in-Lending Act
Legislation from the federal government in the United States intended to support the well-informed utilization of consumer credit by mandating the disclosure of its conditions and costs.
- Understand the disclosure requirements and consumer protections under the Mortgage Reform and Anti-Predatory Lending Act.
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Learning Objectives
- Understand the disclosure requirements and consumer protections under the Mortgage Reform and Anti-Predatory Lending Act.
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