Our compliance department is currently working on our S.A.F.E. Act audit and we can not seem to understand what the following means when discussing providing a disclosure...
In Appendix A to Part 1007- Examples of Mortgage Loan Originator Activities, in section (b)(1)(i)
Presenting a loan offer to a consumer for acceptance, either verbally or in writing, including, but not limited to, providing a disclosure of the loan terms after application under the Truth in Lending Act, even if:...
We are just curious about a few of our employees and need to know what exactly providing a disclosure means.
Any help would be appreciated.
Thank you!
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Megan Holman
Compliance Assistant