Amends TCA Title 45 and Title 47.
Tennessee HB0908 amends the maximum effective interest rate for home loans by removing the previous calculation based on the Federal National Mortgage Association's auction yields and instead setting it at four percentage points above the average prime offer rate for 30-year fixed loans, as published by the federal financial institutions examination council. This change affects lenders and borrowers in the home loan market in Tennessee. Key provisions include the elimination of the prior interest rate calculation method and the introduction of a new benchmark based on the average prime offer rate.
Tennessee HB0908 amends the maximum effective interest rate for home loans by removing the previous calculation based on the Federal National Mortgage Association's auction yields and instead setting it at four percentage points above the average prime offer rate for 30-year fixed loans, as published by the federal financial institutions examination council. This change affects lenders and borrowers in the home loan market in Tennessee. Key provisions include the elimination of the prior interest rate calculation method and the introduction of a new benchmark based on the average prime offer rate.
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