EZ Calendar Guide for HVCC and TIL Compliance
There is a lot of confusion regarding the new Truth-in-Lending laws. I have created a very simple calendar reference for lenders.
HOW TO USE THE GUIDE
The 1st column is the “day of the month” that you take a face-to-face application or receive an application by mail. The 2nd column is the “day of the month” the TIL must be delivered or mailed. The 3rd column is the “day of the month” that you can collect a fee for the appraisal. The 4th column is the day the loan can close, assuming there are no revised disclosures issued.
This guide is very simple and does not take into account Sundays or Holidays. When applicable, skip to the next number downward in the column. Saturdays are considered a business day under the new law whether or not your office is open. I’m always available to receive your questions by e-mail at anna@bankersadvisory.com
Click on the image below to enlarge.
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
Comments are closed.