The Truth in Lending Act Regulation Z requires that lenders provide certain disclosure details on loans under RESPA – the Real Estate Agreement Procedures Act. Regulation Z requirements an beginning and last disclosure details about a mortgage loan.
Regulation Z beginning disclosure is required within 3 working days of home application for the loan query. It will be based on whatever private details has been offered by the candidate.
Official last declaration of disclosure per Regulation Z also called TIL settlement statement has to be offered at closing.
Regulation Truth in Lending General Disclosure Details:
- Creditor name and address;
- Contract reference number;
- Annual Percentage Rate (APR);
- Interest rate information;
- Amortization table;
- Early and late payment policies explained;
- House sales price;
- Mortgage insurance premiums (if applicable);
- Mortgage assumption policy;
- Required earnest money.
- Loan amount;
- Loan amount itemized;
- Loan related costs and charges;
- Total loan payments – loan amount plus interest cost;
- Any demand clauses;