This NC Realtor provides some great resource links for the new TIL regulations! Lori
Buyers,
It is important for you to know about the changes in the Housing and Economic Recovery Act (HERA) regulations. It may alter your closing date!! Read the key highlights below or click here for full details.
Effective July 30, 2009 is a new regulation that will require all mortgage lenders to provide a Truth in Lending Statement (TIL) to their borrowers at least seven business days before the closing. Closing documents can not be signed any earlier than the seven days after the first TIL has been provided.
If there are any changes to the loan that affects the annual percentage rate (APR) or the APR calculation (discount points, lender fees, attorney fees, etc.) then a new TIL statement must be provided to the Buyer with a 3 day wait period before the loan closing.
Click here for the Press Release from the Federal Reserve System.
