Difference Between TIL and GFE

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Question:

What is the difference between a TIL and GFE?

Answer:

The TIL is a requirement of Reg Z. It explains the APR, Finance Charge, Amount Financed and Total of Payments along with other key terms. Refer to 226.19.

The GFE is a RESPA requirement. It explains fees associated with the home loan. Refer to 3500.7.

First published on BankersOnline.com 1/03/11