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#696202 - 03/05/07 02:11 PM Itemization of Amount Financed on TIL
kitten Offline
10K Club
Joined: Jul 2006
Posts: 12,579
Not prison
Good Morning!

I didn't find this question from before so...

This is in re: Closed end real estate secured loans. For the final TIL, does the Itemization of Amount Financed need to be completed, IF we indicate "See HUD" and the borrower has answered "I do NOT want an itemization" to the question on the form?

Thank you!
I shall call you Thunder Twonk. ~TfD

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Lending Compliance
#696223 - 03/05/07 02:50 PM Re: Itemization of Amount Financed on TIL kitten
waldensouth Offline
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Joined: Nov 2001
Posts: 7,985
FINALLY ABOVE the gnat line
(c) Itemization of amount financed. (1) A separate written itemization of the amount financed, including: 40
40 Good faith estimates of settlement costs provided for transactions subject to the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.) may be substituted for the disclosures required by paragraph (c) of this section.
(i) The amount of any proceeds distributed directly to the consumer.
(ii) The amount credited to the consumer's account with the creditor.
(iii) Any amounts paid to other persons by the creditor on the consumer's behalf. The creditor shall identify those persons.41

41 The following payees may be described using generic or other general terms and need not be further identified: public officials or government agencies, credit reporting agencies, appraisers, and insurance companies.

(iv) The prepaid finance charge.
(2) The creditor need not comply with paragraph (c)(1) of this section if the creditor provides a statement that the consumer has the right to receive a written itemization of the amount financed, together with a space for the consumer to indicate whether it is desired, and the consumer does not request it.
"Once you learn to read, you will be forever free."

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