A lender's television commercial states 'VA loans available with $0 down and no monthly mortgage insurance.' What TILA disclosure requirement applies to this advertisement?
Correct Answer
B) No additional disclosures are required under TILA advertising rules
Under TILA Regulation Z Section 1026.24, mentioning '$0 down' and 'no monthly mortgage insurance' are not triggering terms that require additional disclosures. These statements describe loan features but don't state specific payment amounts, APR, or finance charges that would trigger disclosure requirements.
Why This Is the Correct Answer
Under TILA Regulation Z Section 1026.24, mentioning '$0 down' and 'no monthly mortgage insurance' are not triggering terms that require additional disclosures. These statements describe loan features but don't state specific payment amounts, APR, or finance charges that would trigger disclosure requirements.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
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Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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