A mortgage broker's newspaper ad states '$200,000 loan amount available.' Which TILA requirement applies?
Correct Answer
D) Must disclose APR, payment terms, and down payment if required
Under TILA Section 226.24(d), stating a specific loan amount is a trigger term requiring disclosure of APR, payment schedule, and down payment amount if one is required.
Why This Is the Correct Answer
Under TILA Section 226.24(d), stating a specific loan amount is a trigger term requiring disclosure of APR, payment schedule, 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?
Which information is NOT required to be included in an AfBA disclosure?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
For a purchase money mortgage with a loan amount of $400,000, which of the following represents the correct method for calculating the APR?
Which of the following fees would NOT be included in the finance charge calculation under TILA?
A servicer receives a borrower's written request for payoff information on Monday. The borrower needs the information for a refinance closing scheduled for the following Friday. When must the servicer provide an accurate payoff statement?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
A borrower refinances their primary residence on Tuesday and receives the required TILA disclosures. Assuming no federal holidays, what is the last day they can exercise their right of rescission?
A borrower's mortgage payment includes principal, interest, taxes, insurance, and a monthly HOA fee collected by the lender. Which components are included in the finance charge calculation?
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