Tag Archives: Amount Financed

TILA Residential Mortgage Disclosures

Most home mortgages are subject to the disclosure requirements of TILA. 15 U.S.C. Sec. 1638. The required disclosures must be provided to the homeowner prior to the consummation of the transaction, i.e. prior to closing. Homeowners have the right to rescind most credit transactions, including home equity loans, where the home is taken as collateral.

TILA, Form of Disclosures

The Truth in Lending Act (TILA) requires that consumers be given specific disclosures before the closing of certain credit transactions. Specifically, disclosures must be “clear and conspicuous(), in writing, in a form that the consumer may keep” 15 U.S.C. 1632(a); Reg Z Sec. 226.5(a)(1). The disclosures are required only for “material terms” related to the