I blogged last week that federal lending laws were such a large portion of the National NMLS exam so we are focusing on those to remember for your test. This week is TILA! The Truth in Lending Act,1968, is a US federal law designed to protect consumers and their credit. It is Regulation Z, and you can remember this by calling it "ZILA" instead of TILA. Its purpose is to promote informed use of consumer credit by requiring disclosures. Which includes honesty in advertising including APR information and consumer's credit rights. You can be sure that there will be question about TILA on your National NMLS exam so be prepared!
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Apex Home Loans - Annapolis, MD
Business Development Manager
ahhhhh APR... I can see this subject has the most missed questions on the test. Even with the new good faith, the TIL continues to be completed differently from company to company and loan officer to loan officer..... amazing
May 21, 2010 02:36 AM
Bakersfield, CA
Thanks for the tips Tracy. When I went in to take my exam I remembered "ZILA" and "REXPA", helped me out a lot! And to Lewis, I agree, maybe with these new regulations we can get some uniformity in the business!
May 21, 2010 04:55 AM
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