HERA Amends the Truth in Lending Act

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New changes to the loan process that could affect borrowers.

New changes in regards to the timing of the Truth in Lending (TIL) statement are effective beginning July 30, 2009 on all new mortgage applications.  A TIL is designed to help borrowers as well as addresses the timing of when fees can be charges.

The goals of these new requirements are to provide a better understanding to borrowers about their mortgage so they can be more confident about their financing options and to prevent deceptive lending practices.

Please download this ShelterMortgage flyer for details of the changes as well as tips on how to best work with your buyers when obtaining a loan in this market.

 

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Categories: Contracts, Mortgages | Leave a comment

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