Lenders Have New Disclosure Requirements

By Vallee Gold Team • July 23rd, 2009

Wow! Are Times Changing…Real Estate Keeps Us Challenged!

Just release by The National Asscociation of Realtors Hotline…

 Revised TILA Disclosure Requirements Take Effect on July 30, 2009

 

  • Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure).  The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
  • The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.
  • If the annual percentage rate (APR) increases by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan.  The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure. 
  • The consumer may modify or waive both waiting periods for a documented personal financial emergency, but must receive the disclosures no later than the time of the modification or waiver.

    • Call Jason Rose at Nova Home Loans for more information (520)275-1882

     

Comments(0) Tucson, Arizona News, Tucson, Arizona Real Estate

Comments are closed.

 

« | Home | »