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#323681 - 02/28/05 10:10 PM Reg Z Disclosures
Anonymous
Unregistered

One of our loan officers mentioned that if you turn down a real estate loan within 3 days, you do not have to give the TIL disclosures. Is this true? I have never heard this before, but then again I have only been in banking for six months. Thanks.

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#323682 - 02/28/05 10:31 PM Re: Reg Z Disclosures
Bankster Offline
Gold Star
Joined: Aug 2004
Posts: 440
Midwest
This is true.

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#323683 - 03/01/05 12:46 AM Re: Reg Z Disclosures
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,503
On the Net
Your early disclosures for TIL and RESPA are not required because it makes no sense to make loan disclosures when you know the loan is being denied. 226.19(a)(1) 4, which is in the Official Staff Commentary explains this. Remember, the OSC has the same force and effect as the regulation itself.
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