 Sam
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 Posted: Tue Jul 06, 2004 1:54 am Post subject: Written statement involved in pre-approval |
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Lenders provide a list of statements or disclosures to a borrower within 3 business days of applying for a loan.
- Truth-In-Lending Statement:
The Federal Truth-In-Lending act requires a lender to disclose the terms and conditions of the mortgage. These also include the annual percentage rate (APR), actual interest rate and other charges.
- Good Faith Estimate:
Under the Real Estate Settlement Procedures Act, a lender should provide an estimate of the closing costs that a borrower has to pay. This is generally provided within 3 business days of receipt of the loan application.
- Mortgage Servicing Disclosure Statement:
As given by the Federal Law, lenders should mention as to who will be servicing the loan. Servicing the mortgage includes collecting monthly payments including escrow fees, solving disputes etc.
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