Disclosures To Mortgage Co-signers? - John Burnett

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Disclosures To Mortgage Co-signers?
Answer by John Burnett, BOL Guru
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Question: I am doing a loan for a purchase of primary residence. The loan and note are in Mr. X's name. Mrs. X will be signing on the mortgage only. Do they both get preliminary disclosures?

Answer: Since this would not be a loan subject to a right of rescission, the non-applicant/non-obligor spouse is not entitled to TiL disclosures.

If this were a transaction subject to the ROR, the non-obligor spouse would be entitled to a copy of the "material disclosures" under TIL, but not to the advance TiL disclosure per se.

First published on BankersOnline.com 08/18/03

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