Skip to content

Specifying Term on TILA

Answered by: 

Question: 
Our new TILA does not have the term on it example: 5 payments at $350.00 with a balloon of $2000.00 Is this correct for a fixed rate decreasing with a balloon?
Answer: 

This sounds like a change in your TIL disclosure form related to the new rules for mortgage transactions found in Reg Z, section 226.18(s), which go into effect on January 30, 2011, and require new interest rate and payment summary tables. See the new model tables H-4(E)-(H) at Appendix H. There is also a new disclosure for balloon payments which must appear outside and below the table. See model clause H-4(J).

The new tables and balloon disclosure replace the payment schedule in mortgage transactions.

First published on BankersOnline.com 3/7/11

First published on 03/07/2011

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics