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After October 3rd, 2015, The Truth In Lending Disclosure (TIL) was replaced by the Closing Disclosure (CD) for Mortgage Loans with the exception of Reverse Mortgage, Home Equity Lines of Credit, A Manufactured Housing Loan not secured by the Real Estate or certain types of loans through Home buyer Assistance Programs. For all other loans, you would receive a Closing Disclosure (CD) rather than a Truth in Lending Disclosure (TIL).
The Truth in Lending Disclosure Statement provides detailed information regarding the costs of your Mortgage Loan including the Annual Percentage Rate (APR).
You will receive a Truth in Lending Disclosure twice, once when you apply for the loan and the second time you will receive a Final Disclosure before closing.
About the Author: Ahsan Bashir is an experienced Tax Consultant based in Irving, Texas, with over 25 years of expertise spanning Taxation, Accounting, Business Lending and Mortgage, Risk Management, Business Insurance, and Business Consulting. Through his firm, Z-Tax & Accounting, he provides comprehensive financial services including Individual and Business Tax Preparation, Bookkeeping, Payroll Processing, and Business Consulting. As an Enrolled Agent authorized to practice before the Internal Revenue Service (IRS), and an IRS Certifying Acceptance Agent (CAA), Ahsan Bashir delivers trusted, professional solutions tailored to the unique needs of both individuals and businesses.
NMLS: 1965714, NPN: 7702637, PTIN: P01280330, TX Online SOS Notary ID: 126282896
Related Topics: What Counts as Business Day Uniform Residential Loan Application What is an Escrow Account What is a Credit Check What is a Credit Score What is Negative Amortization Documents to be signed at closing Reverse Mortgages HELOC Manufactured Housing What is "Annual Percentage Rate (APR)"?
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