Amends TCA Title 45 and Title 47.
Tennessee SB0749 amends the maximum effective interest rate for home loans by removing the existing provisions tied to the Federal National Mortgage Association's auction rates and instead sets the cap 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. The bill aims to simplify the calculation of interest rates for home loans, potentially impacting borrowing costs for consumers.
Tennessee SB0749 amends the maximum effective interest rate for home loans by removing the existing provisions tied to the Federal National Mortgage Association's auction rates and instead sets the cap 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. The bill aims to simplify the calculation of interest rates for home loans, potentially impacting borrowing costs for consumers.
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