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 Why would lender refuse to give T&L...
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LindaH

Florida
1754 Posts

Posted - 08/19/2008 :  10:38:30 AM  Show Profile  Reply with Quote
BTW...since no one has mentioned it....it's "Truth-In-Lending" or "TIL"...not T&L....just my lil quirky .02 FWIW

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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crtowles

California
553 Posts

Posted - 08/19/2008 :  07:27:32 AM  Show Profile  Reply with Quote
I don't think it is required. My friend just got her modification from Wells Fargo and there wasn't one. They just put the terms in writing and she had to sign and I notarize.

C

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civey

North Carolina
76 Posts

Posted - 08/14/2008 :  07:37:00 AM  Show Profile  Reply with Quote
Okay, maybe I thought it was required, because when I did loans and something changed the amount on the GFE and TIL I did a revised TIL and GFE because I thought it was the right thing to do. I also do remember underwriters requiring me to get them a revised copy of a GFE and TIL if any of the numbers changed and a rate change will cause the numbers on the GFE to change as well (pre-paid interest). Maybe it's not required, but I would think any reputable LO would produce a revised forms and Underwriters always like to cover their butts as well.
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BobbiCT

Connecticut
135 Posts

Posted - 08/14/2008 :  05:46:33 AM  Show Profile  Visit BobbiCT's Homepage  Reply with Quote
GFE and TIL. There are some limited exceptions, particularly when an existing loan is being modified. If there are no "required to be disclosed under federal law" charges that the BORROWER is paying, the lender's counsel may have decided a TIL isn't necessary.

I've seen many where the lender picks up ALL costs; i.e., no charges paid by the borrower under the Modification Agreement; often after the transaction is completed, a new amortization schedule is mailed to the borrower.

Every individual case, lender and loan product is different. If your friend is being charged fees that will increase the APR and are required to be disclosed under federal regulations, your friend should ask for a TIL that discloses the new, higher APR.

Bobbi in CT

Edited by - BobbiCT on 08/14/2008 05:48:04 AM
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civey

North Carolina
76 Posts

Posted - 08/13/2008 :  11:01:03 PM  Show Profile  Reply with Quote
Your friend should receive a new GFE and TIL. This is a requirement.
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macdeux

California
79 Posts

Posted - 08/12/2008 :  1:06:33 PM  Show Profile  Reply with Quote
A friend of mine received a Loan modification agreement, however, the lender refuses to give her a new Truth and Lending to accompany it. Does anyone know why that would be? The terms of the loan are completely different -rate and period - and they just want to make sure everything's on the up and up.

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