Regulatory Alerts2007-08-29
SBD Opinion No. 2007-2 Guidance on Non Traditional Mortgage
The Alabama State Banking Department issued SBD Opinion 2007-2 to adopt regulatory guidelines for the marketing of nontraditional mortgages by state-licensed entities. This guidance, developed by the CSBS and AARMR, requires residential mortgage providers to clearly disclose borrower risks to promote consistent regulation and protect consumers from high-risk loans. The document aligns with federal interagency guidance while adapting requirements specifically for non-depository institutions.
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