The Vermont Department of Financial Regulation is seeking comment on proposed changes to its Vermont Commitment Letter Regulation. The proposed revisions to the Commitment Letter Regulation do the following:
- Update definitions to make them more consistent with definitions found in Vermont statutes.
- Provide a short form commitment letter in situations where Reg. Z requires the lender to issue a Closing Disclosure.
- Provides some guidance for commitment letters issued in connection with reverse mortgage loans.
- Require that the commitment letter be delivered three business days prior to the closing so that it lines up with the delivery of the Closing Disclosure required by Reg. Z.
The Commitment Letter Regulation applies to all residential mortgage loans. Interested parties are asked to provide the Department with thoughts and comments by August 18, 2017.
Read a red-line version of changes to the regulation online.
The Vermont Department of Financial Regulation is seeking comment on proposed changes to its Vermont Commitment Letter Regulation. The proposed revisions to the Commitment Letter Regulation do the following:
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