New Guidlines for Truth and Lending disclosure statement (TIL)
The Federal Reserve has approved new guidelines for the Truth in Lending (TIL) disclosures effective July 30,2009. Now there is a 7 business day waiting period from the time the initial TIL is issued to time of closing. If the final TIL does change then there is an additional 3 business day waiting period until close. If the new TIL is mailed the waiting period is 6 business days. Also prior to the issuance of the 3 day disclosures only a credit report fee can be collected. A new statement will be added to the initial and final TIL "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application" These new guidelines apply to purchases and re-fi's.
I will keep everyone updated on this issue.
Lisa Scanlon, CSA