New guidlines for Truth and Lending disclosure statement

New Guidlines for Truth and Lending disclosure statement (TIL)

The Federal Reserve has approved new guidelines for the Truth in Lending (TIL) disclosures effective July 30,2009.

Now there is a 7 business day waiting period from the time the initial TIL is issued to time of closing. If the final TIL does change then there is an additional 3 business day waiting period until close. If the new TIL is mailed the waiting period is 6 business days. Also prior to the issuance of the 3 day disclosures only a credit report fee can be collected.

A new statement will be added to the initial and final TIL "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application"

These new guidelines apply to purchases and re-fi's.



I will keep everyone updated on this issue.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.ScanlonSigningServices.com