Who needs a Truth-in Lending Disclosure Statement?
A Truth-in Lending Disclosure Statement is to be furnished by an organization originating closed-end residential mortgage loans to a person who applied for this type of loan. The Truth-in Lending Disclosure Form is also labelled TILL.
What is Truth-in Lending Disclosure Statement for?
A Truth-in-Lending Disclosure Statement is meant to explain the financial details (costs) of an applicant’s mortgage loan, as well as the annual percentage rate.
Actually, the TILL statement is closely connected to the GFE (Good Faith Estimate), and the first form aims to disclose the necessary calculations relying upon the estimates from the latter form. Therefore, the Truth-in-Lending Disclosure Statement will help a loan applicant comprehend the overall economic effect of their loan.
Is Truth-in Lending Disclosure Statement accompanied by other forms?
As it has been just mentioned, the TILL is to be given to the applicant together with the GFE form.
A few more disclosures can also be necessary depending on what the creditor company’s requirements are.
When is TILL statement due?
An applicant should receive both the TILL Statement and the GFE form not later that in three days after the date of their initial application for a mortgage loan.
However, an applicant should be made aware of the fact, that the TILL form is not a one-time statement. It is issued twice, at the application for a loan stage and at (or sometimes even before) closing.
How do I fill out Truth-in Lending Disclosure Statement?
Besides of the name of the applicant(s), their property address, the name of a person who prepared the document, the Truth in Lending fillable form must provide the information about the annual percentage rate (APR), the finance charge, the amount financed, and the total payments required, etc.
Where do I send Truth-in Lending Disclosure Statement?
The TILL is issued in two copies: one is given to the applicant, the other is retained by the creditor organization.