A mortgage advertisement states 'Payments as low as $950 for qualified borrowers.' What must be disclosed if this triggers additional requirements?
Correct Answer
C) APR, payment schedule, loan amount, and down payment if required
Under TILA Section 226.24(d), stating a specific payment amount triggers the requirement to disclose APR, payment schedule, loan amount, and down payment amount if one is required.
Why This Is the Correct Answer
Under TILA Section 226.24(d), stating a specific payment amount triggers the requirement to disclose APR, payment schedule, loan amount, and down payment amount if one is required.
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?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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