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Mortgage Disclosure Improvement Act of 2008

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DallasLoanGuy
Super Contributor

Mortgage Disclosure Improvement Act of 2008

Effective July 31, 2009

 

     New Truth in Lending Disclosure Requirements:

 

The earliest a home purchase transaction can close is 7 business days after

the initial TIL Disclosure is issued by the lender to the homebuyer.

 

An increase of more than .125% in the Annual Percentage Rate (APR) from

the initial TIL Disclosure requires the TIL Disclosure be reissued - and

received by the homebuyer 3 business days prior to the closing.

 

  Initial Fee Restrictions:

 

Consumers cannot be charged any upfront fees until after they receive the

initial disclosures. The only exception is a reasonable credit report fee.

Retired Lender
Message 1 of 2
1 REPLY 1
Anonymous
Not applicable

Re: Mortgage Disclosure Improvement Act of 2008

Here's a link for more information:

 

http://www.fdic.gov/news/news/financial/2009/fil09026.html

Message 2 of 2
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