TILA-The Truth In Lending ACT (Reg Z)

Question 1

What does TILA deal with?

Answer 1

Credit

APR

Adverstising of Consumer Loans

Question 2

What does TILA require from lenders?

Answer 2

TILA requires lenders to disclose the complete cost of credit to consumer loans.

Question 3

How many days does TILA require for rescision?

Answer 3

3-Day right of rescession in certain transaction

HELOC/REFI’s

Question 4

What is the deadline to rescind the cridut transaction under TILA?

Answer 4

Until midnight of the 3rd business day.

Question 5

Under TILA how many copies of the Notice of Right to Resend (NRR) must the borrower receive?

Answer 5

Two (2) copies

Question 6

When does TILA apply?

Answer 6

When there are more then 4 installments

Question 7

What is the only Fee that may be collected prior to the reuired discloser being issued is what?

Answer 7

Credit Reports

Question 8

How long must TILA Discloser be kept?

Answer 8

Two (2) Years

Question 9

How long are Loan Estimates (LE) kept?

Answer 9

Three (3) Years

Question 10

How long are Closing Disclosers kept?

Answer 10

Five (5) Years

Question 11

What are the TILA Disclosers?

Answer 11

Loan Estimate and Closing Disclosure

Consumer Handbook on ARM (Charm Booklet)

When your home is on the Line Disclosure (HELOC/Refi)

Question 12

What is CHARM Booklet

Answer 12

CHARM

Consumer Handbookand on Adjustble Rate Morgage

Question 13

TILA requires the discloser of what rate?

Answer 13

Annual Percentage Rate (APR)

Question 14

What are the penalties for Violating TILA?

Answer 14

$5, 000.00 per day for a single violation

$25,000.00 perday for reckless violation