By the Division of Banks

Important information regarding high cost home loans under the Division's regulation 209 CMR 32.32: The annual adjustment of fee-based trigger for additional mortgage disclosures goes into effect January 1, 2012 as announced by the Board of Governors of the Federal Reserve System. The new figure is $611. As detailed in the Federal Reserve System's press release "the Home Ownership and Equity Protection Act of 1994 restricts credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger (initially set at $400 and adjusted annually) or 8 percent of the total loan amount, whichever is larger."

For the complete text of the press release: Annual adjustment of fee-based trigger for additional mortgage loan disclosures