Answer:
You need an new settlement policy if the current one allows customers to change the payment schedule to their satisfaction.
First published on BankersOnline.com 8/27/12
Changed Payment at Maturity-New TIL Disclosure?
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Question:
We did a purchase money primary residence for 6 months paying interest monthly. At closing, customer changed payment at maturity. Do we need to give a new TIL disclosure? The APR went from 4.983% to 4.991%. Lender says we do not because it is less that 1/8 of 1%. I think we do because she changed the payment schedule.
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