"You Are Not Required" Notice under Reg. Z

Posted By: manimal

"You Are Not Required" Notice under Reg. Z - 10/23/13 04:40 PM

I know we are required under 1026.19 to include the following statement on the early TIL for RESPA-covered loans:
"You are not required to complete this agreement merely beause you have received these dislcosures or signed a loan application."

But what about on the Final TIL? I just pulled one for a home equity loan (closed-end 2nd) and it's on the Final TIL. That doesn't seem right, does it? I guess my worry is it is misleading to say such a statement on the TIL that is signed at loan closing.

Thoughts? Thank you in advance!
Posted By: rlcarey

Re: "You Are Not Required" Notice under Reg. Z - 10/23/13 04:57 PM

It's OK, see comment 1026.17(a)(1)5.xvi
Posted By: manimal

Re: "You Are Not Required" Notice under Reg. Z - 10/23/13 06:38 PM

Thank you! It would have taken me forever to find that one little line inside the reg. smile