Due to high interest rates, the Vermont Commissioner of Financial Regulation signed an order to suspend the disclosure requirements pursuant to Regulation B-98-2 (Vt. Admin Code 4-2-6) and Vt. Stat. Ann. Tit. 9 §104. Please see our announcement here.
According to a letter sent out by the Commissioner to all Vermont Licensed Mortgage Lenders, the suspension for the notice requirements for High Rate/High Point loans has been lifted effective January 1, 2024. The declared rate for 2024 is 8% meaning that borrowers that are being charged an interest rate in excess of 11% will be required to receive this notice again beginning January 1, 2024.
We will be setting Cx3708(VT High Rate/High Point Notices), to print by default when:
Lien Position = First Lien
State Code = Vermont
Document Package = Initial
HCL – State = True
Any client custom configurations, including “Do No Print” settings, that existed prior to the suspension will be in effect when the document resumes printing in packages. We are providing a shortened testing period for this change because it is immediately effective, will rarely print, and is a resumption of a prior requirement.
These changes are available for a testing period on Stage & Stage 2 servers and will take effect on Saturday, January 6, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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