TILA Flashcards
1
Q
What does TILA stand for?
A
Truth-in-Lending Act
2
Q
What are the primary goals of TILA?
A
Protect consumers by disclosing the costs & terms of credit
Create uniform standard for stating the cost of credit
Ensuring advertising for credit is truthful & not misleading
Provide borrowers with the right to rescind certain types of transactions
3
Q
What is the regulation related to TILA?
A
Regulation Z
4
Q
A completed application includes these 6 pieces of information from the borrower:
A
ALIENS
Address Loan Amount Income Estimate value of property Name of consumer SSN
5
Q
What fees ARE included in the calculation of the APR? (PODUP)
A
PODUP
Private mortgage insurance (PMI) or (MIP)
Origination fees
Discount points & mortgage broker fees
Underwriting fees
Processing fees
6
Q
What fees ARE NOT included in the calculation of the APR?
A
Title fees Escrow fees Notary fees Appraisal & credit report fees Document preparation fees
