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i believe that this is covered under reg Z. I would like clarification on of charging borrowers.

gmakerley · Posted: Tue Feb 19, 2008 11:16 am Post subject:

daryl are you an institutional lender or a private lender? is this a mortgage or another type of loan?

you may be right about truth-in-lending being applicable, but without the above information it is not something that can easily be determined.

adonis · Posted: Wed Feb 20, 2008 5:16 am Post subject:

Right george, he needs to specify whether it's a mortgage Smile

charlesarmbruster · Posted: Wed Feb 20, 2008 11:35 am Post subject:

Since we arein a mortgage forum, let's assume we are discussing a mortgage.

A lender specifies how much you can charge on the HUD -- combined with the YSP, the lender usually caps the number of points you can make.

Certain states limit the amount of closing costs as a percentage of the loan amount -- always go by what the lender will allow. You will find that all costs will be reviewed bt the lender at time of approval; any adjustment will be suggested at this time.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I dont think it is within a time period. I know that regulation Z is in regards to how much you charge on the loan.

livinginnky · Posted: Thu Feb 21, 2008 11:32 am Post subject:

It varies from state to state.

You need to disclose everything just like a real bank would and follow all the applicable laws. Then you can charge whatever your areas legal limit is for credit. I am in KY and the limits are low so it is harder to get credit. If it is for credit some states allow around 30%.

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how much can i charge a borrower in a 24 month period of tim