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3 Cards in this Set
- Front
- Back
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Purpose of TILA |
Inform consumers of true cost of credit by providing annual APR and requiring meaningful disclosures |
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TILA (reg Z, RESPA) disclosures no later than 3 business days after application |
1. TIL statement 2. GFE 3. Consumer Handbook on Adjustable Rate Mortgage (CHARM) 4. Notice of right to rescind (if refi) TIL |
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TIL must include: |
1. APR - cost of loan 2. Total Finance Charges 3. Total of payments 4. Mandatory statement "you are not required to complete this agreement..." |
