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Disclosures under § 32
12 CFR 226.32(c) reads:
"(c) Disclosures. In addition to other disclosures
required by this part, in a mortgage subject to this section, the creditor shall
disclose the following in conspicuous type size:
(1) Notices. The following statement: "You are not required to complete this
agreement merely because you have received these disclosures or have signed a
loan application. If you obtain this loan, the lender will have a mortgage on
your home. You could lose your home, and any money you have put into it, if you
do not meet your obligations under the loan."
(2) Annual percentage rate. The annual percentage rate.
(3) Regular payment; balloon payment. The amount of the regular monthly (or
other periodic) payment and the amount of any balloon payment. The regular
payment disclosed under this paragraph shall be treated as accurate if it is
based on an amount borrowed that is deemed accurate and is disclosed under
paragraph (c)(5) of this section.
(4) Variable-rate. For variable-rate transactions, a statement that the interest
rate and monthly payment may increase, and the amount of the single maximum
monthly payment, based on the maximum interest rate required to be disclosed
under § 226.30.
(5) Amount borrowed. For a mortgage refinancing, the total amount the consumer
will borrow, as reflected by the face amount of the note; and where the amount
borrowed includes premiums or other charges for optional credit insurance or
debt-cancellation coverage, that fact shall be stated, grouped together with the
disclosure of the amount borrowed. The disclosure of the amount borrowed shall
be treated as accurate if it is not more than $ 100 above or below the amount
required to be disclosed."
(Return to Article.)
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