Preliminary TIL No Longer Required?

Question:

After over twenty-five years of issuing preliminary TILs in certain home equity loan transactions, my new bank is telling me it is not required and only necessary at closing. What's the truth in truth in lending?

Answer:

A preliminary TIL disclosure is only required when the loan is subject to RESPA and it is a residential mortgage transaction (a purchase or construction of a primary dwelling). You might find our Real Estate Matrix helpful.

First published on BankersOnline.com 2/09/09