WASHINGTON (8/13/15)--The U.S. Department of Veterans Affairs (VA) has amended its regulations governing adjustable-rate mortgages (ARMs) made through its Home Loan Guaranty program.
The final rule aligns the VA’s disclosure and interest rate adjustment requirements with the implementing requirements of the Truth in Lending Act (TILA).
According to the VA, the rulemaking will ensure the department remains consistent with other applicable consumer finance and housing regulations governing ARMs.
The rule requires:
It will become effective Sept. 11.