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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.
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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