Skip to content

Using Old Form of TIL Disclosure Statement

Answered by: 

Question: 
What is the effect of using an old form of Truth in Lending Disclosure Statement in a mortgage loan?
Answer: 

Besides being cited for a violation of Regulation Z, since the payment schedule is part of the material disclosures, for any loan subject to the right of rescission, you have opened that window for a three year period.

First published on BankersOnline.com 6/25/12

First published on 06/25/2012

Filed under: 
Filed under compliance as: 

Search Topics