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The Federal Reserve has issued an interim rule containing modifications to the September 2010 interim rule which implemented changes in the Truth in Lending Act (TILA) and Regulation Z. This interim rule revises the Board’s interim rule published on September 24, 2010, which implemented certain...
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Bryan gave you a good in depth reasoning behind your situation. With the confines of the new law, most lenders including myself are very reluctant until we have all six items that constitute an application. That said, the new GFE is extremely flawed and confusing, so many lenders are issuing a Detailed...
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I presume you are asking the meaning of this statement on the Truth-in-Lending (TIL) disclosure. Real estate loans are not the only type of financing that require a TIL disclosure. When taking out a loan that requires a deposit account like a savings account or CD be opened and remain open during the...