2006-12-20 12:46:52 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They don't need to produce the entire act, but they do need to provide a statement of the APR of interest charged.
2006-12-20 12:50:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The Truth in Lending (TIL) is one of the forms you should have received in your initial kit when you filled out your application. It will disclose the terms of your loan, the APR, the total interest you will pay of you keep the loan to maturity, the total you will pay for the entire loan if kept until maturity, the property the lien is being placed on etc...
By law this form along with the good faith estimate and several other disclosures MUST be provided to you within 3 days of your application being taken. This is required under RESPA.
Look through the forms you signed assuming that you did not send all of the originals back to the broker and I will bet you have it. If you do not then there should not be any issue what so ever from your loan officer. He/She should send you one without any hassles. It takes 10 seconds to print it out and or e-mail it to you.
If they refuse to produce this form 1) report them to the Department of Housing and Urban Development (HUD) and 2) to your state department of banking and or real estate.
Good Luck
Kevin 866-562-6838 x 106
Kruorock@firstratelending.com
2006-12-20 23:50:09 · answer #2 · answered by Mudisfun 3 · 1⤊ 0⤋
This is one of the many documents that is required by federal regulations in order for a mortgage loan to be completed.
Usually, this document is part of the packet of papers to be signed at closing. If you haven't closed yet, and would like to see the document before the closing date (when things are rushed by the lawyers), then simply ask for a copy of this so that you can have time to review the details.
No reputable lender will turn you down.
2006-12-20 20:51:11 · answer #3 · answered by David545 5 · 0⤊ 1⤋
There is a dept of banking in every state that regulates mortgage companys.Ask them .
There is a document called the HUD 1 that is produced at closing and provides full disclosure The info your talking about can be can be obtained online.That is the law itself. http://en.wikipedia.org/wiki/Truth_in_Lending_Act
2006-12-20 20:54:30 · answer #4 · answered by realestate_leader 3 · 1⤊ 0⤋
I would report them to the Better Business Bureau. Also, I would find another mortgage company to work with me-they obviously have something to hide.
2006-12-20 20:49:40 · answer #5 · answered by Val 2 · 0⤊ 0⤋
They don't need to produce the act. But they do need to abide by it, including the required notifications. If they don't, find another lender and file a complaint with the state banking commission.
2006-12-20 20:49:53 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Address this problem to the Attorney General. Your taxes pay for it, use it.
2006-12-20 20:49:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋