Mortgage Acts and Practices
Last week, the House Committee on Veterans' Affairs passed H.R. 4482, which would make VA ARM and hyrid ARM products permanent. Adjustable Rate Mortgages (ARMs) are especially useful loan products for active duty military.
Thomas B. Pahl, Assistant Director, Division of Financial Practices, Federal Trade Commission, discusses how the Mortgage Acts and Practices (MAP) rule will impact real estate professionals who provide information to consumers about mortgage products.