Ask Question
BusinessBusiness
21 February, 20:51

Which laws or regulations require mortgage lenders to disclose financing costs and annual percentage rate to a borrower before funding a loan?

+5
Answers (1)
  1. 21 February, 23:10
    0
    The Truth in Lending Act (TILA)

    Explanation:

    TILA was passed in 1968 in an attempt to protect loan consumers from unfair practices carried out by lenders. TILA requires lenders to disclose the credit terms in a simple and understandable manner so that potential consumers can compare credit terms offered by different lenders. The information disclosed must include the loan's APR, principal, finance charges, payment schedule and monthly payments.

    TILA applies to most types of consumer credit, including car loans, home mortgages, credit card, home equity loans, etc.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which laws or regulations require mortgage lenders to disclose financing costs and annual percentage rate to a borrower before funding a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
State whether each situation is a prepaid expense (PE), unearned revenue (UR), accrued revenue (AR) or an accrued expense (AE). 1. Unrecorded interest on savings bonds is $245. 2.
Answers (1)
What is the difference between demand and quantity demanded?
Answers (1)
When you lease a car can you customize it?
Answers (1)
Q 11.7: Foley Manufacturing Corporation purchased 3,000 shares of its own previously issued $10 par common stock for $69,000. As a result of this event,
Answers (1)
Joan is a manufacturing engineer who works on a new product development team along with members from design, engineering, production, purchasing, finance, marketing, and quality assurance.
Answers (2)
New Questions in Business
The following production data were taken from the records of the finishing department for June:Inventory in process, June 1, 25% completed 1,500 unitsTransferred to finished goods during June 5,000 unitsEquivalent units of production during June
Answers (1)
Your insurance agent is trying to sell you an annuity that costs $75,000 today. By buying this annuity, your agent promises that you will receive payments of $500 per month for 20 years.
Answers (1)
James is an auditory learner. what is the best way for him to process his notes
Answers (2)
Sally is a cash basis taxpayer and a member of the Valley Barter club. This year Sally provided 100 hours of sewing services to the barter club in exchange for two football playoff tickets.
Answers (1)
One study of 195 critical incidents in banking and medical settings showed that a major difference between effective and ineffective listening was
Answers (1)
Home » Business » Which laws or regulations require mortgage lenders to disclose financing costs and annual percentage rate to a borrower before funding a loan?
Sign Up Forgot Password?